Speeches by Glen.

“Could you help the Committee and those watching to understand what assessment you make beyond the tariff policy of the Trump Administration, in terms of broader economic policy, and how that is reflected in your assessment of the impact on the UK economy? How does the UK economy respond to the other elements of Trump’s…”

“You mentioned the business confidence surveys. My colleague Dame Harriett Baldwin mentioned them too. Given that some of them were too proximate to the autumn assessments you made, and given the experience that you have seen over the last 12 months, will you be factoring those into your assessments going towards the Bu…”

“They are material to the growth forecast that you are predicting for the next year.”

“Whether or not there is consensus on the quantum, It is quite clear, directionally, that it is going one way or the other. Nobody, even the Government themselves in their impact assessment on the Employment Rights Bill, is saying that it will be anything other than a cost of up to £5 billion. You must have a sense of t…”

“Could the OBR have done that, had it wanted to?”

“I am extremely grateful to the hon. Lady for giving way. I was not trying to suggest earlier that her tenure in office would be short-lived; I wish her every success in her endeavours. I think the spirit of today has been about cross-party consensus, not seeking to make political points about this matter, but what I wi…”

“Will the hon. Lady give way?”

“It is a pleasure to be called to speak in the debate, Ms Furniss. I pay tribute to the hon. Member for Washington and Gateshead South (Mrs Hodgson) for the work she has done on this matter to date and for her powerful advocacy this afternoon. I am drawn to this issue as a result of my recent experience as a Minister in…”

“I hope the Chancellor, next Wednesday in front of the Treasury Committee, will reiterate her commitment not to come back with more tax increases. On page five of the OBR report, paragraph 1.2 states: “While the Government’s planning reforms deliver a modest boost to the level of potential output of 0.2 per cent in 2029…”

“Can I give you one specific example? When I was involved in this, there was a consultative process with the Government about cards, and about increasing the limit for making card payments from, I think, £30 to £100. Some people, including the Prime Minister at the time, said that we did not need any limits at all. The …”

“My concern was that when we had the regulatory initiatives grid, which still exists, my experience was that every individual regulator would want to maintain their individual initiative, because it sounded meaningful on its own. However, the collective burden of everyone’s meaningful individual initiatives was, in aggr…”

“When I was a Minister and I went abroad, the FCA had a reputation as being world-class, but when I came back home, it was less so. The stakeholders would always challenge me and say that there were issues, some of which you have been talking about this morning. One of the things we had was a regulatory initiatives grid…”

“I have two questions; the first is about the Payment Systems Regulator. Ten years ago, the PSR was created to enable growth. It now looks like it has been folded into the FCA to enable growth. How do you envisage the movement in the PSR’s status as an independent entity practically enabling the sorts of contribution to…”

“The truth is that you cannot protect everyone by regulatory intervention, can you?”

“You mentioned buy now, pay later. This issue has rumbled on for several years. There is real consumer detriment in some cases, but it is also quite complicated to work out whether somebody has multiple buy now, pay later contracts in place, so there are consequences for regulation. We have been talking about growth and…”

“The point I was making was that, as you have acknowledged in this session so far, the world is changing. The competitive environment is changing and therefore it is incumbent on the regulator to ensure that the UK as a jurisdiction brings clarity on what the regulatory regime is. Having that is important in terms of in…”

“You want to give a signal earlier.”

“When we think about financial services, the UK is broadly very competitive if you look across Europe. However, it is always cited that the US is the place where things are faster, with higher growth and so on. Do you have a perspective through the international networks that you operate in as to how we are doing in ter…”

“I acknowledge that progress, but in terms of what is outstanding, one of the things that I think firms would probably say is that the interface with the FCA can sometimes be quite clunky, and the iterative process is not as smooth or as quick as necessary. When you are an entrepreneur, burning through risk capital, you…”

“One of the things that you have done under your leadership is initiate and lead a transformation programme for the FCA. I think we all appreciate that the transformation programme is trying to transform an organisation of nearly 5,000 people, and you have said in the past that Governments over time have added more and …”