Speeches by Grady.

“Just to make sure I have understood this properly, let me summarise that chapter of evidence. I think you are saying that the National Wealth Fund is great, but when you have got your board paper or you are doing an investment agreement, you have got your conditions precedent and you will not release the money and comp…”

“Dame Harriett, on this chapter of questions, I am mindful that I have read a lot about it, but Mr Glen might have some questions—and he has actually done a lot of it.”

“You have investment from the SNIB, the Scottish National Investment Bank. Is there anything that the National Wealth Fund should learn from that organisation?”

“Do you think the National Wealth Fund, from what you have seen of it, is the answer to the issue that you have posed?”

“This is for Mr Chambers— it is lovely to see you here. Despite being in one of the leading space companies in Europe, your written evidence sets out that you struggled to access long-term investment. Why?”

“I have a quick question, because time is marching on—there is a lot of love in this Committee, isn’t there? Mr Thomas, in an earlier session we talked about the risk of the National Wealth Fund coming in for a real kicking if investments do not work out and so on. Another risk that strikes me is that the National Wealt…”

“Just to make sure I have understood this properly, let me summarise that chapter of evidence. I think you are saying that the National Wealth Fund is great, but when you have got your board paper or you are doing an investment agreement, you have got your conditions precedent and you will not release the money and comp…”

“My final question picks up on your metaphor of a valley of death. The risk for a National Wealth Fund or anything of this type is that it is criticised for making investments that do not work out. One risk might be as follows, and I am interested in your views on it: when people are looking at what went wrong with inve…”

“Looking at learning about the potential criticisms of the National Wealth Fund, Ian Hogarth, who is a tech investor in the UK, has written about the fact that failure is very important as well. Failure means you become a more successful founder. So do you think there is a risk that, in having autopsies on what has gone…”

“Just to make sure I have understood this properly, let me summarise that chapter of evidence. I think you are saying that the National Wealth Fund is great, but when you have got your board paper or you are doing an investment agreement, you have got your conditions precedent and you will not release the money and comp…”

“You have received £20 million from the UK Government directly. Given what you said about SpaceX and this valley of death that companies at this stage inhabit, is equity funding the right way to go, or do we need to look at more grant funding?”

“My final question picks up on your metaphor of a valley of death. The risk for a National Wealth Fund or anything of this type is that it is criticised for making investments that do not work out. One risk might be as follows, and I am interested in your views on it: when people are looking at what went wrong with inve…”

“Looking at learning about the potential criticisms of the National Wealth Fund, Ian Hogarth, who is a tech investor in the UK, has written about the fact that failure is very important as well. Failure means you become a more successful founder. So do you think there is a risk that, in having autopsies on what has gone…”

“To pick up on that last discussion, Ms Miller, do you agree with the analysis that if we increased borrowing to fund R&D, that would not give the debt markets the heebie-jeebies?”

“Let us move on to chainsaws and DOGE—you mentioned Argentina, Dr Surico, so I thought I should mention chainsaws. Dr Tetlow, are you content that a full and effective zero-based review has been carried out in the spending review?”

“Apart from, perhaps, away days and pens—that was mentioned in the spending review document. In the thematic reviews, you look at what the departmental limits are, tax and tax breaks, and annual managed expenditure in the round. You might say, “We’re spending all this money on housing benefit. Let’s build some more coun…”

“Ms Miller, two numbers that spring out are the 10% administrative budget cut, which seems to be backend-loaded, and the total of £14 billion in annual efficiency gains. Does that sound achievable to you?”

“That is a good point, and it takes us to the next question. We have obviously had the spending review, but there is a need for a long-term culture of looking for efficiency improvements and value for money in Government. If you look at workplace plans in Singapore, there is a very close relationship between the univers…”

“Ms Miller, how do you think this 1% efficiency will work? It seems quite complicated to me. How will it be measured?”

“Do you think the National Wealth Fund, from what you have seen of it, is the answer to the issue that you have posed?”