Speeches by Glen.

“I recognise the decisions that the Government have the legitimate prerogative to make around sectors and taking more risk. I am trying to emphasise that—there is probably little political dispute around this—the challenge is to get private capital pools to take on a reasonable additional level of risk alongside the NWF…”

“Lord Livermore, could I follow up on this whole principle of crowding in private banks’ money? You will have seen the article by John Flint—we just discussed it with him—about the problem of the rigid lens with which private institution banks and pension funds decide to invest alongside the National Wealth Fund. He sug…”

“I wish we knew the answer to that question.”

“Could I take you back to what you said about private finance, banks crowding in and what governs that? You suggested that engaging their shareholders in a conversation about risk, relative risk and different outcomes is one way of doing that. Frankly, individual shareholders are basically investment managers who are go…”

“I am not going to linger on that. That is quite superficial, but it is getting to the heart of what is different. Can I ask, following up from the Chair’s comment, about the relationship you have with local authorities? I recall discussing the potential for collaboration. You employed people who would almost invigorate…”

“Can I go back to the UK Infrastructure Bank? We had many conversations. I visited you as the Minister when you were set up, and I took the legislation through. I want to home in on what is different specifically. I certainly get the greater specificity of an industrial strategy. You reasonably say that what we, as the …”

“You would not expect me to agree. The OBR does not.”

“The Government’s emphasis on capital investment is clear. You have spoken about skills and planning. There are other things that it aspires to do with the grid and access to energy. I note the reference to the Lloyds survey today; there are numerous surveys that do not look so positively on the economic outlook. It is …”

“The matching adjustment of Solvency UK, which allows you to profile investments against a new set of returns, is one thing. This is about the transparency around not investing at a higher risk profile generally, pension funds and banks. Unless the regulations stipulate that they need to demonstrate the returns that the…”

“I recognise the decisions that the Government have the legitimate prerogative to make around sectors and taking more risk. I am trying to emphasise that—there is probably little political dispute around this—the challenge is to get private capital pools to take on a reasonable additional level of risk alongside the NWF…”

“Lord Livermore, could I follow up on this whole principle of crowding in private banks’ money? You will have seen the article by John Flint—we just discussed it with him—about the problem of the rigid lens with which private institution banks and pension funds decide to invest alongside the National Wealth Fund. He sug…”

“I wish we knew the answer to that question.”

“Could I take you back to what you said about private finance, banks crowding in and what governs that? You suggested that engaging their shareholders in a conversation about risk, relative risk and different outcomes is one way of doing that. Frankly, individual shareholders are basically investment managers who are go…”

“I am not going to linger on that. That is quite superficial, but it is getting to the heart of what is different. Can I ask, following up from the Chair’s comment, about the relationship you have with local authorities? I recall discussing the potential for collaboration. You employed people who would almost invigorate…”

“Can I go back to the UK Infrastructure Bank? We had many conversations. I visited you as the Minister when you were set up, and I took the legislation through. I want to home in on what is different specifically. I certainly get the greater specificity of an industrial strategy. You reasonably say that what we, as the …”

“I reciprocate the hon. Lady’s warm sentiments. She makes her political points, some of which will be true in some circumstances, and some of which will not. My point today to everyone in this House is this: let us be real, honest and true about the trajectory of growth in welfare spending in this country, and let us be…”

“I wanted to speak in this debate to try to get behind some of the headlines and challenges that those on the Government Benches face in getting to a settled view today, by looking back over the last years the Conservatives had in government at some of the lessons that we must draw from that experience but which are rel…”

“Further to that answer, will the Minister confirm that one of the regulatory barriers in that area are privacy and electronic communications regulations, which prevent firms from proactively reaching out to customers to offer targeted support? As part of the review, will she ensure that that specific regulatory change …”

“I thank the Secretary of State for her statement—I agree with practically everything she has said. When I heard these reports, I thought of the Mayor of Wilton, Councillor Alexandra Boyd, who is Jewish, and about what it would have felt like for her to have watched that with her family. We in this place all understand …”

“Yes, we were in power for 14 years, and during covid, when I was a Minister, we made decisions such as stopping face-to-face assessments because we could not do them. We all recognise that the recovery from that covid time has not gone as well as it should, but if the Secretary of State cannot deliver a shift in the nu…”