Speeches by Olney.

“Can you give me any specific examples? You cited financial regulators.”

“Mr O’Neil, what does less risk-averse regulation look like in practice?”

“Ms Glover, the same question to you: can you give specific examples of where an increase in regulatory risk appetite can deliver growth?”

“You can only assess the effectiveness from looking at GDP.”

“What certainty will there be in selecting the activities you no longer require regulated industries to carry out? You might have a range of things you could suggest, but how will you select the ones that are more likely to deliver growth?”

“Would you agree that there is a possibility that it is very easy to cut the administrative cost, but perhaps less easy to demonstrate how that is driving growth?”

“Can I interrupt you very quickly? You said that reporting requirements had decreased. Has that delivered any specific boost to growth?”

“What do you need? What will you do?”

“How will you hold those individual Departments accountable? If they do not have their own targets within that 25% overall target, how will you hold them accountable for the actions that they need to deliver?”

“So it is up to the unit to deliver that 25% as an overall. What assurance do you have that the unit is on track to do that?”

“So individual Departments do not have individual targets.”

“Okay, but what are you doing at the unit level to ensure that the action plan is being delivered?”

“Mr O’Neil, the joint DBT-Treasury unit has not yet established regular reporting. Obviously, we have heard from Ms Glover that there is currently reporting into the unit from all the separate Departments involved. What is happening at the unit level to ensure that the plan is being delivered?”

“I understand what you are saying about how that process works, but what will you do to prevent too much time and energy being spent on regulatory change that ultimately does not deliver a big impact?”

“Mr Davies, you wanted to come in.”

“Just to be clear, you are saying that changing reporting requirements is one of the things that can have a larger impact overall on growth.”

“You have identified that as one of the things that will have an outsize impact.”

“Are you close to identifying what that small number of things will be this time round?”

“Sorry, just quickly, are you challenging Departments to find the ones that will have the greatest impact?”

“How have you identified those? Is it from that business engagement or a different source?”