Speeches by Glen.

“With the greatest respect, that is not the point I am making. I totally agree with you that it must be their decision. I am saying that the combined aggregate economic value of those intra-city transport schemes is less significant in terms of the national growth mission overall, and that there are better decisions tha…”

“Sure.”

“I remember it well. We are addicted to it.”

“What happens if they don’t?”

“I understand. Thank you.”

“Can I ask about the additional capital spending? I think £23 billion of the additional £44 billion that has been allocated between 2023-24 and 2029-30 is going on defence and net zero, so there is a 48% real-terms increase in the capital budget for defence and a 140% increase for energy and net zero. That high proporti…”

“They would have to find cuts in other line items within their own budget, because no other money is available.”

“Well, I think that is what we are saying—we will have to wait and see. But there is no measure to arbitrate on that; it is a judgment.”

“No, what I am saying is that spending money locally has a different economic outcome from national infrastructure projects that do not involve one particular region or a combined series of regions. Rishi Sunak came as a Back Bencher to see Philip Hammond when I was Philip’s PPS, and he said he wanted to do freeports. T…”

“I do not think I have been very clear, but what I am trying to get at is the arbitration between the relative value of delegated expenditure and centrally driven infrastructure or other stimulants from capital expenditure from the centre.”

“Professor Lawrence, could I clarify what you meant in terms of the regulators’ budgets? My understanding is that the PRA and the FCA, in financial services, for example, are funded from levies. They determine their own budgets on a business plan and so on and are scrutinised by this Committee and others.”

“Thank you; that is really helpful.”

“Turning to the insurance industry, clearly the amount of data points that exist for different individuals allows companies to form a different profile and understanding of risk, which has quite significant implications in terms of the loss of pooling, the anatomisation of a market and the offering of different position…”

“Professor Andreeva, do you have anything to add?”

“Is there not a significant risk that if we do not have more intervention in this area, we will actually have market providers diminishing as their data confidence levels over risk levels for some cohorts in society become so high? That imperative around privacy actually gives them the right not to offer a service in or…”

“Regulators and Governments are always very reticent to put imperatives to the tech companies for fear of over-regulation.”

“Yes, quite.”

“Just to clarify, Professor Wachter, do you see the regulators doing enough at the moment to deal with the evolving risk in terms of the use of this often protected data?”

“Thank you.”

“On the National Wealth Fund. There is a well-rehearsed argument about its similarities to the UK Infrastructure Bank. What do you discern to be different about what the new Government have done with this entity?”