Speeches by Glen.

“Finally, given what the strategy has done on financial education and capability and what it has said, what should be the Economic Secretary to the Treasury’s ask of UK Finance? I think it is Eric Leenders. What should she be asking him and the banks?”

“And the strategy does not say that, does it?”

“I know that the panel has a lot of expertise in this subject. Ms Pender, is there anything you would like to say on it?”

“What can you do? What is your contribution?”

“What should the Economic Secretary to the Treasury ask UK Finance, though?”

“So you will establish best practice and then perhaps give an indication as to where the money should go.”

“Do you think the FCA is being proactive enough in getting into the minutiae on this specific area?”

“Before I start my questions, I declare that I am a member of the Financial Inclusion Commission and co-chair of the APPG on financial education for young people. That is a topic I want to address, and I will address my question to Ms Highman. The strategy makes financial inclusion compulsory. That will be done, as has …”

“Please may I follow up, Ms Undy, on the issue of insurance? When we have insurance industry representatives here, they tell us that this is a bit like a black box—there is nothing to see. The FCA has previously looked at these things and said there is no evidence. How do we, as a Committee, get to the bottom of the pro…”

“In summary, you can do so much, but the industry has to be alongside you and committed at the same pace as you.”

“Five years ago, at Mansion House, the Chancellor at the time, Rishi Sunak, said that we would be “watching closely the key debates in finance and tech, like the opportunities of distributed ledger technology in capital markets”. Last Wednesday, Reuters published an article, “Nasdaq receives SEC nod for trading in token…”

“A few weeks ago, Lord Jim O’Neill suggested that the changes in national insurance and the national living wage were perhaps causing employers to think about the value of additional labour capacity, and there were potentially some signs that it was addressing the productivity challenge we faced. Have any of you reflect…”

“I welcome the targeted nature of these measures, but three weeks ago it looked like inflation was going to return to the level that the right hon. Lady inherited when she took office in July 2024. That is no longer going to happen, but we are now seeing it the cost of borrowing. Given that we are spending well over £10…”

“Professor Pill, the Monetary Policy Report’s analysis says that 40% of UK workers are employed using bargaining firms that pay collectively and react more slowly to inflation, so you have a situation where a significant portion of the workforce are people who are keeping the expectation higher. You said you draw differ…”

“Professor Taylor, do you want to comment? Do you have a different view?”

“Do you have any assurances around where members of staff and data centres would be based vis-à-vis this proof of concept?”

“I personally agree with you.”

“Just on that quickly, you have been Private Secretary to Prime Ministers. You have been the chief executive of the London Stock Exchange. You are now five or six years into being the chief executive of our financial regulator. How do we fix that? You have diagnosed the problem: it is the speed of getting legislation th…”

“Palantir provokes strong reactions for a variety of reasons. We do not need to get into that, but what we do need to understand, probably, is why they win these contracts. They have won, so they were the best that was out there in the market. Some say that we should prioritise other providers on principle because Palan…”

“They were best in class.”