Speeches by Glen.

“We always have this problem with this area when we have people before the Committee, where they want to say, “The FCA has done this well. It has done this well. It is moving slightly along on this”. What is the problem? Then I have private meetings with some of your members, and they say to me, “We are missing an oppor…”

“In terms of a hierarchy of investment, you would typically, if you have very limited resources, invest in something where you are going to have a higher propensity, less volatility and less loss risk before you have started going to something that is inherently—you would have to admit—more volatile.”

“I am not disputing the desirability. There are questions we will come on to about how you regulate and enable the use of investment in this class of assets within a portfolio. I am saying that you are always reluctant, it seems to me, to make a distinction between the individual retail, unguarded, un-guardrailed consum…”

“That is what is happening now, is it not?”

“This conversation has demonstrated that there is a range of understanding in the marketplace about the different instruments or means of exchange that exist. There are good reasons why people are, in a sense, rationed by the regulatory framework that exists. We might lament the lack of investment by young people and th…”

“Two weeks ago, the Chancellor held a press conference from which everyone inferred that income tax was going to go up. On Friday, every newspaper said that income tax was not going to go up. It is plainly obvious to the general public and anyone who reads any of the papers that everything is being briefed from the Trea…”

“May I thank the Leader of the House for what he said about reforms to the driving test booking system? I add to what my hon. Friend the Member for Mid Buckinghamshire (Greg Smith) said about DEFRA questions. I wanted to raise the case of Susan Robinson and Maria La Femina, who asked me about sludge use in agriculture a…”

“I think you are conceding that your proposal does not offer us a solution to that problem of people who are not—”

“Finally, there are differences across the United Kingdom, and I am sure you will have considered this. What would be your solution to make this transparently plain and understandable when people live on the borders of Wales and England, for example?”

“You never said that to me.”

“Professor Leunig, it is perhaps worth going back to that point. The current system, as Ms Allsopp and others have set out, creates a massive disincentive for people to have a big lump of stamp duty to pay. But under your proposal, they would have the opportunity to avoid an annual tax in perpetuity, thereby having a si…”

“Ms Allsopp, that was a valuable exchange, but would you like to develop your point further?”

“Thank you very much. May I turn to Ms Allsopp on this, because you might have seen different reactions?”

“You would be most welcome.”

“I want to ask you all for your assessment of the impact it will have on people who are asset rich and cash poor. We could discuss the different rates and how they are set, but the inference of your proposal is that there will be a regular, reliable annual source of income for the Treasury, but for some people, that wil…”

“It is great to see you here, Professor Leunig. Thank you for all the work you did in the Treasury when I was there. You have set out very clearly the problem of, essentially, the Treasury getting a lump of money in year one versus getting it over several years, and that you could make that neutral. You will also know t…”

“I recently met the chief executive of an international charity that happens to be based in Wiltshire where there have been serious historical allegations. Unfortunately, the resourcing of such inquiries falls between the Serious Fraud Office, the National Crime Agency, Wiltshire police and the Charity Commission. Will …”

“Thank you. Sir Vince, would you like to add anything?”

“On that point, the world has changed quite considerably. Our Prime Minister is not sat having a pint with the President of China any more. The world, defence and the risks facing the country are different. Are you really saying that, if you were in office now, you would be able to maintain aid expenditure at that level…”

“Given what you have previously said about the shift in growth in the US compared with the EU, how do you reconcile the enhanced opportunities that you would say exist from rejoining the customs union and the single market with the fact that the shift in productivity in the top seven economies is coming from the US, not…”