Speeches by Maynard.

“Has AIM lost its focus on nurturing growing companies over time, and if so, how should that be resolved? I think we have covered most of that, would you agree?”

“On the earlier point about the US, the inference was that it is more efficient there as it is kind of piecemeal and a bigger market rather than doing this generational aspect. Do you think there are steps that the UK could be taking to make it more normalised so that there is an equity market for this? Any pointers as …”

“Rob, £60 billion is what you are planning on spending from 2025 to 2029. You have raised £7 billion—congratulations—but can you give us an outline of where the other £53 billion is coming from?”

“Rosalind, I am curious about US versus UK relationships with tech spin-outs for universities. My understanding is that in the US, a university will often take 5% to 10% and it will get most of its money through royalties and licensing. In the UK, we go for 30% or 40%, but frankly, Stanford seems to do a lot better than…”

“That 30% or 40% is a big difference compared with 5%; if I am an investor, I am going to care about that.”

“Rob, casting back to your point about the UK-EU energy market, can you give any perspective as to where things are going there? It was mentioned in the reset but I have not heard anything since.”

“Yes.”

“Is this all private debt or public debt?”

“We have named uncertainty as one of the devils out there. In terms of things that could help reduce that uncertainty, I am going to name three, and you can critique them and add your own. The OBR has two outlook events a year; we have two Budget events a year. The fiscal framework is horrendous. What else would you do …”

“Could you clarify the meaning of de-duplication? What duplication are you referring to there?”

“Running with that point about health productivity, who has the best thoughts on how to change that?”

“Will, I am talking about operational independence.”

“I am not suggesting that it is, but I am just—”

“As an ex-entrepreneur, I am nervous about things like the British Business Bank. Generally speaking, I find that Governments make terrible investment decisions, so I am nervous about just leaving it to the Government to do that, and for the British Business Bank to be putting more money in on behalf of the Government t…”

“Will, I am talking about operational independence.”

“I am not suggesting that it is, but I am just—”

“Jagjit, there will obviously be lots of gossip and innuendo going on over the next few weeks about our fiscal framework. What problems do you see with that framework in which we are having to play, and what changes to that framework would you recommend?”

“As an ex-entrepreneur, I am nervous about things like the British Business Bank. Generally speaking, I find that Governments make terrible investment decisions, so I am nervous about just leaving it to the Government to do that, and for the British Business Bank to be putting more money in on behalf of the Government t…”

“I am heading there next, but I was thinking more about the third that is not growth enhancing. Who has the best ideas on how to use public money in a more growth-enhancing way?”

“I totally accept that but, maybe focusing on the process, is there anything we can do more cleverly about the process as a country? Jonathan, would you like to have a shot at that?”