Speeches by Maynard.

“Such as? What were those key learnings or key steps that made a difference?”

“Yes, and how do we make that happen?”

“Martin, I am sorry to interrupt, but I am not actually asking you to advocate these things. I am just asking, if the Government were to act, what the key steps would be that would make a difference. I am not saying that you support those steps or not, but what are they?”

“As per our notes, the Cayman Islands and the British Virgin Islands are two that were flagged. I was reading the November 2024 communiqué, which I remember hearing about, and it is really disappointing. It says, “We note the UK Government’s ambition that Publicly Accessible Registers of Beneficial Ownerships (PARBOs) b…”

“Would you be up for, let’s say in a month’s time, making up a set of recommendations saying, “If we are going to address our fines backlog, we would like to change our processes this way, that way and the other way,” listing those out and sticking them in the public domain somewhere, just to say, “This is what we would…”

“CCJs are?”

“What about consequences? If you do not pay your fine, what happens, and is that actually happening?”

“Talking about fines, in 2019-20 Companies House collected 57%. In 2023-24, the collection rate dropped to 46%. Between 2018-19 and 2023-24, you failed to collect £386 million of issued fines. What is going on with the collection rate? I am interested to understand what that was in absolute terms, say last year, but als…”

“Going on with that, you have identity verification coming down in April and then autumn. Then, you have a 12-month implementation period. How much are you saying, “At the end of 12 months, if you have not done this, the following will happen?” Otherwise, it just stretches on—“Oh, well, you can’t file,” and then it’s an…”

“Thank you for being here. We were talking to Ray Blake at the end of the last session. His firm runs, on a private basis, 150, let’s call them red flags or concerns. So much of this is just about automation, and, frankly, it does not smell that hard. Let us say that somebody puts in assets of $1 trillion—that is a red …”

“But the company can carry on trading?”

“Very roughly, what was the £450 million going to be spent on, in headlines?”

“Does the £390 million for construction include capex as well? It is not just the construction of the—”

“Can you say a bit more about how those costs can be reduced? Also, in what kind of particular market sectors do you think we are most competitive?”

“Okay. I am confused. The flu vaccination season starts in October or November. Is that right?”

“You are getting £450 million or £590 million in August. You are saying £390 million spent on construction, including building and fitting out a plant, and also some R&D out there, but then you are saying this was all about the flu season that was kicking off in October or November. You cannot spend that sort of money i…”

“Fine. Part of it is R&D, but the £390 million, which is constructing and fitting out a facility, takes many months.”

“Mr Grady, it has been said so far as if it was all about missing the season, as in the 2024-25 season. We are not going to have been producing—”

“Okay, but which season are we talking about? Frankly, stop me if I am wrong here, but if you have a sign-off in August, having £390 million operational by the next season will be a push. Which season are we talking about? It seems odd.”

“That is helpful because that was not clear until this moment. It still strikes me as odd. We are talking 2029-30 and so we are talking 48 months, maybe. Back in 2024, that was more like 60 months. To be saying two months out of 60 feels odd. Am I being unfair when I say that those two months can be caught up over four …”