Speeches by Glen.

“Tolerance of harm is a topic that obviously arouses strong reactions. You have called previously for an open and honest debate within the Government about tolerable harm and failure. We have previously discussed in sessions earlier this year the whole issue of metrics for that. Where do you think we are on that matter?…”

“Can I get your view, Mr Rathi, on the EU and US against London and the UK? Where do you see the driver of innovation in regulation, and what is your characterisation of what you see across those different significant competitive landscapes for the UK?”

“You don’t need data that you do nothing with.”

“That is a very good list of things that I welcome, and some of those have been in gestation for a while. What do firms tell you that they still need you to do more rapidly that you have not done yet?”

“The point is, surely, that if somebody leaks or briefs some information that materially moves the market, while they might not personally gain they have changed market conditions against the rule of the game, which is that you make those decisions known properly to Parliament on Budget day. If nobody is accountable and…”

“I want to turn to international competitiveness. The first thing I would observe from all the different conversations I have had with the stakeholders I got to know when I was Economic Secretary is that they say quite a lot of progress has been made in terms of what you have done with authorisations, and simplification…”

“You are encouraging us to come up with a view of how it all worked and make recommendations. Is that what you are saying?”

“I think that people would understand the difference between market actors getting personal or institutional financial gain, and the leaking or briefing of information that moved the markets. But if you step back and look at what this says about the UK, this was a massive failure collectively. The head of the OBR resign…”

“Thank you for what you have said. It seems to me that you are saying that if the outcome of inquiries is that it is a cock-up rather than a conspiracy, and nobody made money out of it wilfully, then nothing is going to happen. Is that a reasonable summary?”

“Of main accounts?”

“On the Consumer Credit Act, it was brought before me four or five years ago when I was Economic Secretary and we still don’t have the legislation. I get what you are asking for, but can you explain to the Committee and those watching what the problem is? Is it technical expertise? Is it the amount of resources? Is ther…”

“Did we not have a private Member’s Bill before that went through Parliament, and then when it came to the regulator it was unimplementable? That is what happened with the private Members’—”

“That was very clear; thank you.”

“I am a former Chief Secretary to the Treasury, and I have seen reports that service chiefs are drafting letters to the Secretary of State warning of their concerns about whether enough money is going into defence. When the delayed defence investment plan is produced, will it give clarity on when the Government will rea…”

“10. What discussions he has had with service chiefs on the proposed level of spending in the forthcoming defence investment plan.”

“May we have a debate on capital expenditure in the NHS? All our constituents will see the tax announcements and then think that that means extra investment. In south Wiltshire, we are still waiting for the elective day surgery announcement to take place. We have been told that it is on hold and that work is trying to b…”

“I was never Chancellor.”

“Your consultation on gambling taxes began with a desire to simplify, and indeed this Committee looked at the matter as well. After your measures in the Budget, we are now in a position where online betting duty is higher than on the high street; where duty on betting on UK racing is lower than for betting on Irish raci…”

“I understand your logic, but some of the companies are configured with cross-subsidies in different parts of their business. In essence, do you expect to see a consequential restructuring in the industry? It seems likely that some will not find it viable, because of the nature of the subsidy from different parts of the…”

“Okay, very well.”