Speeches by Coghlan.

“We have spoken quite a lot today about the competitiveness of the UK regulatory market. I am interested in how you think the second Trump presidency could play into that. If the US starts to swiftly deregulate and we have a race to the bottom, how should the UK respond?”

“Mr Celic, I agree with significant amounts of what you are saying. I disclose that I spent five years working in investment management, 10 years ago. There are definitely issues around the regulator or Government incentives, but in my experience, there are significant issues around the industry as well—the fee structur…”

“Exactly, after year one, if they lose 30% of their money. Firms are maybe scared of recommending that, which goes to your point about consumer education or understanding, because of the psychological impact of that loss. I am thinking specifically about the collapse of Neil Woodford’s fund recently. To be clear, I do n…”

“It was just a general example.”

“We have spoken quite a lot today about the competitiveness of the UK regulatory market. I am interested in how you think the second Trump presidency could play into that. If the US starts to swiftly deregulate and we have a race to the bottom, how should the UK respond?”

“Mr Celic, I agree with significant amounts of what you are saying. I disclose that I spent five years working in investment management, 10 years ago. There are definitely issues around the regulator or Government incentives, but in my experience, there are significant issues around the industry as well—the fee structur…”

“On the subject of risk, I fully think there is an issue with the fee structure in the industry, and I would like to disclose that I used to work in investment management. Is there an issue with understanding the realities of equity investing? If you invest in equities, there is a very good chance that you are going to …”

“It is a pleasure to speak in this debate as a member of the Treasury Committee. After suffering the highest fall in living standards since records began, the United Kingdom desperately needs economic growth, yet the OBR forecasts that the policies in the Government’s Finance Bill and Budget will have no impact on growt…”

“As the hon. Member will know, the Liberal Democrats have alternative measures for raising those revenues, but my fundamental point is that, yes, I welcome public investment, but it is flat in the Budget; it is not enough, in my view, and furthermore, it is not focused on the right areas. By contrast, economists have fo…”

“On the fines and penalties point, have you looked at comparators—the US, for example, or EU countries—in terms of the level of fines they are doing versus what you are doing? Are you broadly in line, or is that even a valid comparison?”

“More specifically, have you looked at the cost to legitimate businesses from Russian sanctions? How do you ensure that small UK businesses that do not have compliance departments are complying with sanctions or that they do not find the burden too onerous?”

“Once an individual is sanctioned, a lawyer or accountant can only provide professional services to them if they have a licence. I have got you; that makes sense. Similarly, we have heard that, according to Transparency International, limited partnerships are the tool of choice for Russian money launderers. There are al…”

“Just on the private sector point, as someone who left the private sector for public service, appealing to their vocational instincts helps, in my experience. I am interested in the unintended consequences of sanctions. In the years after the Russian invasion of Georgia in 2008—to disclose, I was working in investment m…”

“Are you seeing that?”

“Bill Browder, the head of the Global Magnitsky Justice Campaign, suggested, again to the former Committee, that sanctions should require enablers—accountants, lawyers and trustees who work for sanctioned individuals—to come forward in line with existing anti-money laundering legislation. Is that a realistic proposal? I…”

“It would be great to share that analysis. That is really good to hear in terms of the impact of our sanctions. The former Treasury Committee heard evidence that the US is apparently doing a better job in going after the enablers of sanctions, such as lawyers and accountants, than the UK. Would you agree with that asses…”

“I ask because I thought it was particularly interesting. One of my concerns around sanctions is that they feel good and they make us look like we are doing something, but is there evidence that they are actually having a policy impact on the recipient, in line with UK policy objectives? That maybe in itself is a good e…”

“Mr Thomson, the point you were making around the discount between the international Brent crude oil price and the Russia Urals crude oil price was very interesting. Is that real? How much is going on in the black market? Do we know whether that discount is real, in terms of what Russia is receiving?”

“Sorry, do you mean an accountant?”

“Thank you, Professor Taylor, for your comments. Building on that, of course a trade war is in nobody’s interest, but during the first Trump Administration Vietnam and Germany were major beneficiaries from displaced trade due to the US-China trade war. Is it possible that there is a similar opportunity for the UK in the…”