Speeches by Lowe.

“So if you need to innovate, you have the skills in-house to do it.”

“I am interested in the support. In my experience of writing the kind of software that you need to do this, it is not just about implementation support. I see that there are still 125 people on the project: I think you have 32, Accenture has 84, PA Consulting has five and there are four contractors. Part of it is implem…”

“So the implementation has been pretty successful, other than a few bits and pieces?”

“Thank you, Chair; you have been very active today, but I think I still have a bit left to ask. I cannot tell you what a pleasure it was to hear the write-up you have been given by Yvonne and Simon in our briefing, and to hear that you all appear to be so well over your brief. I am tempted to say we should put you in a …”

“Very definitely.”

“I have a final question, reading the document and thinking about this issue. Have you any thoughts about how the rapid development of AI is likely to affect what you are doing? It strikes me that the software industry is very much at risk from AI. Whereas AI was probably quite inaccurate a year ago, and is still vaguel…”

“I have two other questions, really just from my interest. First, was this in any way driven by the advent of central bank digital currencies? I ask that because I know that the Governor is quite keen on them, as was—certainly—Rishi Sunak. I am less keen on them. But was that any motivation for this development? You did…”

“You have that absolutely bolted down?”

“But you have Accenture bolted down from an intellectual property point of view?”

“That sounds great. Can you commercialise this yourselves and turn it into something that you sell to other countries or people who might use it, and defray the cost further, or is it something you want to keep proprietary?”

“Then everybody knows what they are dealing with. People can then see the frictional costs of making a transfer. If we are trying to collectively help British industry, commerce and trade, we want a system that is transparent and that serves the end user and does not just enrich the banking system—which is arguably a pa…”

“I am a great believer in transparent charging.”

“It is a pleasure to serve under your chairmanship, Sir Alec. I should start by saying that I am a shooter and a fisherman, as the hon. Member for Na h-Eileanan an Iar (Torcuil Crichton) referred to, and an active farmer—I do all those things. I am entirely opposed to this latest urban metropolitan attack on rural Brita…”

“Of course some incidents have happened, but then incidents have happened with baseball bats and with other instruments that have not been banned and will not be banned. The hon. Lady makes a valid point, but the issue needs to be looked at very carefully, because I think there are less incidents of the kind she describ…”

“But as you know, in the private sector, Gareth, the incentive is to get your company’s data into an efficient format so that your auditors can audit, because that saves you money. You make sure that your systems work, because if you don’t, your auditor charges you more. It is very hard to get an auditor now. Where is t…”

“Exactly.”

“I ask the question, because it is a general one about your budget: could we trim it and make it more effective? But I also make the point with regard to AI and the digital revolution, which we are all having to run hard to keep up with. I have been doing a lot of work legally recently, and my barrister tells me that, w…”

“I thought you might enjoy becoming a Spartan rather than a Persian. I am driven by outcomes and have run private sector businesses. If the statute is loading you with too much work and you think it needs to be changed, it is our job to change the statute; I wouldn’t just accept that. What we need to do is deliver value…”

“I don’t doubt that at all.”

“Well, Gareth, it is unusual to find you sitting at the front table rather than to our right, assisting us ably. I would like to thank you, because the depth of information you give us all is fantastic. When I read this report, I was prompted to ask a general question, first of all. We sit round this table and we hear G…”