Speeches by Glen.

“Over the last two hours, Sir Ian, you have shown us the absolute commitment that you have to get the best out of the data sources that you have, and you have explained in some detail the challenges that you face. None the less, the outputs that you come up with collectively drive Ministers’ decision-making and drive co…”

“I wanted to ask one other question about the alignment of the collection of data between you, as our national authority, and the devolved Administrations. My understanding was that, essentially, they have rights over what data is captured. Can you say something about how that dynamic works and whether it is in the best…”

“I get the concept, but what I am trying to get at is that, in the end, numbers are presented. They drive policy decisions or directions of travel. What sort of quantum out could we be? How do we assess the overall level of comfort and confidence that we should have as it drives pretty delicate balances of where we orie…”

“But we should not be fundamentally concerned about the numbers that you are coming up with.”

“What more do we need to get that right? You are absolutely right that devolution gives different discretion to different devolved Administrations, but unless you collect common data, you cannot make meaningful comparisons.”

“I certainly don’t.”

“Can I turn to my third question? Dame Colette, you talked about being concerned by the tail, which I thought it was a fair way of presenting it. The Governor has talked about insuring against the whole of the tail, but one of the concerns that people in financial services would perhaps note is that our regulatory frame…”

“How do you view the $82 billion stockpile of gold in New York, the changes in behaviours we are seeing, and anticipation of tariffs or not, in terms of risks?”

“Like with Solvency II.”

“If I just quickly follow up on that, if there is a stress test that implies that you have to have a margin above the prevailing base rate, that still exists, but, if you have a higher renormalised base rate now, is that artificially high? I realise this is the nub of the issue and you are not going to tell us now, but …”

“Can I move on to a second question on the international scene? You have collectively said there is a degree of uncertainty over what our US friends will be doing, but we have seen some really tangible changes, such as this $82 billion of gold that has been shipped to New York. Traders are now waiting several weeks rath…”

“Can I just add one short supplementary on that specific issue? On the open data, open banking thing, is it not the case, though, that there is a massive imbalance of power in the industry? Incumbent banks are very reluctant to open up, while lots of new players are very keen to gain access to that. Surely that is the h…”

“My final question is on the interaction between you, what you do in terms of the stability and systemic risks, and the FCA. For many people, they will hear that the Government have asked the regulators to come forward with ideas of things that can enhance growth. Clearly, you underpin some of those decisions. Could any…”

“You see, clarity of communication and the way we can make this real to the people who watch this is important, so thank you.”

“Among the fundamental enablers of growth in the economy are financial services and opening up markets to invest. I think there was consensus across this House in the last Parliament on the Financial Services and Markets Act 2023, which provided the framework to do that. What concrete proposals have come forward from th…”

“There will not be any arbitrage between you; you are collaborating on an ongoing basis.”

“Can I just quickly go back to this crypto thing? I recognise you do not want to talk about it now, but what the industry is saying is that the EU is moving forward quickly and the US is moving forward quickly. The default of our regulator, the FCA, is, “Do not invest in it”, which for most consumers is probably good ad…”

“The Minister is a serious economist with a serious track record in analysing public finances. With all due respect, given the significant uncertainty and the fact that numerous organisations representing farming interests outside the party political debate have asked serious questions about the deliverability of the sc…”

“The right hon. Gentleman is making an extremely fair assessment. Does he acknowledge that the Treasury is full of capable civil servants and Ministers who have a number of other options available to them? No doubt the argument will be that there is a black hole to fill, but even if one does accept that, there are still…”

“That is great. I agree with you.”