Speeches by Western.

“Sir John, perhaps I could start with you. I am interested to hear your thoughts on what has happened over the last five years. We left the EU. The European Medicines Agency shifted from London to Amsterdam. What impact has that had on UK life sciences? How has the sector been performing since we left?”

“If I can turn to WPP, I am particularly interested to hear what your thoughts are on the barriers that we face in terms of the trade in services. What sort of barriers are there? What do the Government need to do to address those?”

“Do you have any concerns about the tariff landscape that we are increasingly facing and what that might do in terms of your provision of services globally?”

“In terms of priorities for any trade negotiations, MRA is the priority.”

“I am sorry that I forgot to wear red today. If we are to meet net zero, we need to address the CO2 emissions from our housing stock. We have some of the oldest housing stock in Europe, and it accounts for 17% of our CO2 emissions. As I understand it, one issue is that houses in conservation areas and grade II propertie…”

“What do you think is the right level of Government investment, through the spending review, in the industrial strategy? We heard earlier that, under the Theresa May Government, the figure was £42 billion over five years. What are your thoughts, Mr Cummins?”

“Charlie, I am conscious of time, so before you go, perhaps you could briefly answer this question about Government strategy. Professor Mazzucato was talking about loans versus grants. The UK and France spend similar amounts of money, but the UK tends to go more on the basis of loans, and France more on the basis of gra…”

“Charlie, can I just turn to you? Are there any tensions between the growth ambitions the Government have set out and their objectives of net zero, regional strategy or economic security?”

“Thank you. Professor Coyle, do you have any comments?”

“We have not had an industrial strategy in this country for several years. I would be interested to hear from the economists whether other countries, particularly the G7 countries, have boasted an industrial strategy over the last five years or so. What contribution do you think the industrial strategy could make to clo…”

“You have some impressive names on the council. Were you involved in their appointment? Are they contracted to give up a similar number of days—two to three days a month—or are some able to give more?”

“Mr Cummins, were you pleased or surprised?”

“The challenge we face is huge, is it not?”

“Just very briefly, listening to Clare Barclay earlier, were you surprised at how much time is being devoted by the council to turning a supertanker around?”

“What sort of ratio would you think is right, though? You are saying it is relative. We heard Professor Mazzucato talking about catalysing the private sector. What do you think the ratio should be? Would it be 10%? Or 20%?”

“We have always had a culture of short-termism in this country, versus Japan or Germany. Are you saying it has got even worse?”

“We have been around the country, talking to businesses in different parts, and they just say, “No one’s interested in talking to us.””

“Correct me if I am wrong, but we have a huge sector, in terms of our financing base with venture capitalists, private equity and so on. Why is there such a gap in this country?”

“You do not think they have been damaged?”

“Mr Cummins, when you are talking to businesses and investors, what feedback do you get on the UK’s relative strengths and weaknesses in terms of investing here, but also scaling up?”