Speeches by Baldwin.

“You do get feedback, I am hearing, then. It is a very slow process. It can take a long time.”

“Are you happy with how quickly the PRA is approving custom internal ratings-based models and things like that? Do you get any feedback on that?”

“Do you hear from challenger banks that there are things that the PRA ought to be doing differently? It is good to hear that senior managers regime permissions are coming through faster. What other challenges do you get from industry that you are taking into your role at the PRA?”

“Mr Jenkins, I imagine that the people who bend your ear tend to be the fintechs, start-ups and challenger banks. I wonder what sort of challenges you are hearing from them. It is disturbing when we read in the press about Wise deciding to move. Some 50% of fintechs are rumoured to be thinking about relocating from the …”

“You have not heard anything directly. Mr Bailey, you have described and defined the asset qualities in these changes. Are you comfortable that the industry is happy with the scope of those productive assets that can now be included in the matching adjustment?”

“What about the original changes in terms of the regime with the matching adjustment including more productive assets? Are you hearing from the industry that they are happy with the productive assets that have been defined, or would they like a wider scope? What are you hearing?”

“Are you happy that the limits are appropriate for the industry, the 5% and the £2 billion?”

“In your external role, what are you challenging the PRA on here? Are you happy with the announcements that have happened for the matching adjustment investment accelerator scheme? Reading it as a layperson, it looks quite complicated, but that is the nature of the industry, I guess.”

“I want to start with Ms Ngwenya because of your extensive experience in insurance in the private sector. You will be very familiar with the claim that the insurance industry was making that, if Solvency II were tweaked into Solvency UK, there would be an additional £100 billion of investable assets into the UK economy.…”

“I have some more questions.”

“I am going to move on to that. Can I just ask—”

“I am going to ask some questions about the commercial banks and other stablecoins and so on. But specifically on the Britcoin—the Bank of England digital currency on which you did a consultation—you presumably spent a lot of money. How much has been spent so far on the development of that system?”

“Governor, I seem to recall that 2026 was the year in which the Bank was to make a go or no-go decision on the Britcoin. Could you update us on that?”

“So if Parliament decided it would go tomorrow then it would go?”

“The problem is that the November Red Book stated: “The high street will benefit from permanently lower business rates for retail, hospitality and leisure”. Businesses up and down the land think that was entirely misleading. We have had briefings to the newspapers that there will be a change, but the Minister is saying …”

“It is a pleasure to serve under your chairmanship, Ms Jardine. I start by offering my gratitude to Robert and Helen, the two petitioners who—forgive the phrase—lit the fuse for these petitions to get the number of signatures they did, and enabled this debate today. I also commend my hon. Friend the Member for Keighley …”

“The Chancellor said yesterday that she did not appreciate what the impact would be. I just wondered whether her officials had given her—”

“What are the numbers on that?”

“That additional relief was because they had been told that this could be a problem.”

“Mr Russell, you are the person responsible for the overall organisation. You sent a great big data file somehow to Ministers for them to work out what the impact would be in terms of the Budget. Did you at any point flag that this was a huge increase by historic standards and they might want to take it into account? Di…”