Speeches by Dean.

“But what is your view on the fair and reasonable remit? Do you think that should go?”

“So you would keep it?”

“We are talking at portfolio level, though.”

“To go back to the question again, do you have an answer for it?”

“The 3:1 ratio is far more important than any return to the taxpayer.”

“I am hearing that a negative is probably not the way to go. You still think there should be an ambition for some return to the taxpayer.”

“Mr Threlfall, is there anything to disagree with there?”

“I will come on to that question now about the success of the National Wealth Fund and the value for money, and then I have one more question relating to risk. Signe, perhaps you want to start, because you just touched upon it. I am interested to know whether you think there should be defined outcomes that are not just …”

“This draws me back to the question I was going to ask the rest of the panel, which is related to the public understanding of risk taking. You have all made a plea that, if we are going to take riskier projects, we need to prepare for some to fail. Adding in this social value element might help to address that problem, …”

“I am also not sure that clever people in industry would not come out and say that they would have done a much better job of that project if only they had been in charge. Who is that message aimed at about people needing to accept more risk and that there are going to be project failures?”

“I am hearing that the message to the investment community is just as important—as long as the Government stay the course, that would be a strong message there—as to the public.”

“Some of what I was going to ask has been covered in conversation already, so I do not need the explanatory points to be repeated, but I want to go back to this point around the positive financial return. The previous bank had the target of 2.5% to 4% and the intention is for the National Wealth Fund to be higher. Could…”

“The conversation was about which areas might not be the right ones for the National Wealth Fund to invest in—“If that is the type of projects that it is going for, it could crowd out other investment”. I guess that is the point that was being made in the earlier discussion. I am trying to get a grip on whether the Gove…”

“Too high?”

“Q15. The plans to upgrade St Helier hospital, including the delivery of a new specialist emergency care building, have been put back by 10 years. I am talking to the trust about a way to bring all or part of those plans forward, but in the meantime there is a very real fear that some of the buildings on the existing es…”

“T3. Nearly every single child is at risk of famine in Gaza as the Israeli Government use starvation as a weapon of war. We have heard from Ministers today about the action that the Government have taken so far, but there are still some actions that they have not taken, including the recognition of Palestine as a state,…”

“Following up on Dame Harriett Baldwin’s point, I was part of a roundtable of lots of fintech firms the other day and they are quite excited about the potential to offer personalised advice in an affordable way. One of their concerns was actually that some of the larger institutions in the sector are pressing the go-slo…”

“I am going to move on to some of the concerns around privacy. There seems to be a bit of confusion in the industry now about how much the GDPR, consumer duty and the Equality Act interacts with AI versus it is not a problem at all. We have read that in some of the reports. Mr Luther, may we come to you first? What is y…”

“Maybe in the future.”

“In the car insurance industry, you could have a black box fitted to your car—and obviously the person consents to that—and that often ends up lowering their premiums. What if we were able to develop similar schemes in other areas of insurance, like health insurance, and maybe make sure that you take 10,000 steps a day …”