Speeches by Glen.

“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?”

“We obviously had the UK Infrastructure Bank previously. When you saw the Chancellor’s announcement around this, what did you discern to be different from what you saw with the previous entity?”

“So you would not want a sharp distinction between investing in new technologies and removing the blockers and challenges to developing existing technologies. You would not want to see a bar on one; you want both to be invested in.”

“So you see the National Wealth Fund as a first point of entry into Government support, but you are not necessarily clear that it is the only mechanism. You observed our session with the previous panel, when we discussed the range of options that exist.”

“Mr Davidson, how does Siemens see it?”

“Mr Thomas, you just mentioned a surge of interest in private sector investment. Does that indicate that, in your particular part of the pitch, the National Wealth Fund is not so needed, because you have growing confidence that there is a pathway to delivery to deal with the intermittency of supply? You have private bac…”

“Obviously, we are trying to understand the application of the National Wealth Fund to different sectors—in your case, the energy sector. Could you describe the challenges you see in the UK energy sector and how you hope the National Wealth Fund would help to overcome them?”

“I was the Minister who took the legislation for the UK Infrastructure Bank through Parliament, and I have been trying to discern what is different, apart from a little more money. I am still struggling with that. Does anyone else have anything to say? No? Thank you, Chair.”

“Is there not a risk, though? How do the Government avoid a situation in which the efficiency of the National Wealth Fund’s contribution is diluted by changes in the national economy? Do you think there is a reasonable chance that there will be tougher projects? We have just discussed the possibility of strategic decisi…”

“Yes.”

“Does anyone else have anything to say on that? Has it been framed in the right way? Should the Chancellor have gone further on the defence sector, specifically?”

“Could I ask about the National Wealth Fund’s strategic objectives and priority areas? The Chancellor asserted the imperative to consider investments in dual-use technologies to support the UK’s defence and security. Given where we are as a country and what is happening at the moment, do you think it is reasonable to sa…”

“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?”

“We obviously had the UK Infrastructure Bank previously. When you saw the Chancellor’s announcement around this, what did you discern to be different from what you saw with the previous entity?”

“So you would not want a sharp distinction between investing in new technologies and removing the blockers and challenges to developing existing technologies. You would not want to see a bar on one; you want both to be invested in.”

“So you see the National Wealth Fund as a first point of entry into Government support, but you are not necessarily clear that it is the only mechanism. You observed our session with the previous panel, when we discussed the range of options that exist.”

“Mr Thomas, you just mentioned a surge of interest in private sector investment. Does that indicate that, in your particular part of the pitch, the National Wealth Fund is not so needed, because you have growing confidence that there is a pathway to delivery to deal with the intermittency of supply? You have private bac…”

“Mr Davidson, how does Siemens see it?”