1
00:00:00,480 --> 00:00:03,640
Speaker 1: I think there's a huge appetite for a new agenda,

2
00:00:03,960 --> 00:00:06,400
Speaker 1: for a sense of where are we trying to compete

3
00:00:06,440 --> 00:00:10,360
Speaker 1: in the world? What is our strategy? No post Brexit

4
00:00:11,039 --> 00:00:14,200
Speaker 1: is no good just saying we left it and we're

5
00:00:14,200 --> 00:00:16,279
Speaker 1: going to have some trade agreements. It's how are we

6
00:00:16,360 --> 00:00:19,040
Speaker 1: now going to compete in the world? Now we've created

7
00:00:19,079 --> 00:00:21,759
Speaker 1: this dislocation in how we used to You can see

8
00:00:21,760 --> 00:00:24,960
Speaker 1: it most acutely in things like the auto industry. We

9
00:00:25,120 --> 00:00:28,560
Speaker 1: created friction for trade. No rightly or wrongly, that's what

10
00:00:28,720 --> 00:00:32,199
Speaker 1: people voted to do. Now we need a plan for

11
00:00:32,240 --> 00:00:34,960
Speaker 1: how we compete, and that's popularly called It used to

12
00:00:34,960 --> 00:00:39,680
Speaker 1: be called industrial strategy. Now this government, for whatever reason,

13
00:00:39,760 --> 00:00:42,159
Speaker 1: has an aversion to the expression industrial strate. It's what

14
00:00:42,159 --> 00:00:45,199
Speaker 1: everybody else calls it, so they can't bring themselves to

15
00:00:45,240 --> 00:00:48,000
Speaker 1: say it. But I don't care whether it's a growth

16
00:00:48,040 --> 00:00:50,960
Speaker 1: strategy or competitiveness. It's got to be a profound point

17
00:00:51,000 --> 00:00:53,400
Speaker 1: of view as to how Britain's going to compete.

18
00:00:53,600 --> 00:00:55,720
Speaker 2: The government is sort of trying to address this idea

19
00:00:55,760 --> 00:00:59,279
Speaker 2: of attractiveness the UK is are the hunt reforms, are

20
00:00:59,320 --> 00:01:01,640
Speaker 2: any of the things you've seen out of government profound

21
00:01:01,720 --> 00:01:02,080
Speaker 2: as you.

22
00:01:02,080 --> 00:01:06,000
Speaker 1: Say, look, I just don't I think one speech doesn't

23
00:01:06,000 --> 00:01:11,200
Speaker 1: make a strategy. An industrial strategy has to be profound.

24
00:01:11,240 --> 00:01:14,880
Speaker 1: And it's not just about our attue where we want

25
00:01:14,880 --> 00:01:17,880
Speaker 1: to compete. What it's about what skills do we want

26
00:01:17,920 --> 00:01:22,320
Speaker 1: to have? Don't get Government plays a very big part

27
00:01:22,520 --> 00:01:27,000
Speaker 1: in creating skills. You know, the education sectors nationalized. We

28
00:01:27,120 --> 00:01:29,760
Speaker 1: have something called the apprenticeship levy, which is a tax

29
00:01:30,080 --> 00:01:34,399
Speaker 1: on skills and a tax on training. Most of that tax,

30
00:01:34,600 --> 00:01:36,319
Speaker 1: a large part of that tax, is taken by the

31
00:01:36,360 --> 00:01:39,959
Speaker 1: treasury and not respent. Other countries are saying, no, we

32
00:01:40,000 --> 00:01:42,760
Speaker 1: need laboratory assystems, No we need more coders, No we

33
00:01:42,760 --> 00:01:45,840
Speaker 1: we need more data scientists. We seem to be agnostic.

34
00:01:46,760 --> 00:01:49,280
Speaker 1: We don't know what we need, and that's not good enough.

35
00:01:49,440 --> 00:01:51,960
Speaker 1: The footprint of government is too big in the economy

36
00:01:52,440 --> 00:01:55,480
Speaker 1: to say we're just hands off, that we let the

37
00:01:55,560 --> 00:02:00,640
Speaker 1: market decide, because government does create and shape the future direction.

38
00:02:01,000 --> 00:02:03,680
Speaker 1: A competitive economy is one where the public and private

39
00:02:03,760 --> 00:02:07,600
Speaker 1: sector work together. That doesn't mean in an old fashioned

40
00:02:07,640 --> 00:02:11,600
Speaker 1: sense of taxpayers money going into owning gumbery anything like that.

41
00:02:12,200 --> 00:02:16,960
Speaker 1: It means we're working together on regulation, on trade, on

42
00:02:17,600 --> 00:02:24,600
Speaker 1: investment in skills on how government supports entrepreneurs, how we

43
00:02:24,639 --> 00:02:28,240
Speaker 1: shape the tax system. At the moment that's come slightly

44
00:02:28,280 --> 00:02:29,520
Speaker 1: adrift post Brexit.

45
00:02:29,680 --> 00:02:32,480
Speaker 2: The IPO market in London is basically dried up. There's

46
00:02:32,520 --> 00:02:34,880
Speaker 2: an issue around pension funds about whether or not they

47
00:02:35,200 --> 00:02:38,320
Speaker 2: are allowed or are willing or able to invest enough

48
00:02:38,360 --> 00:02:42,919
Speaker 2: into UK businesses, and there have been various proposals. Lord lyons,

49
00:02:42,919 --> 00:02:45,160
Speaker 2: for example, the City of London Lord Mayor was speaking

50
00:02:45,160 --> 00:02:47,520
Speaker 2: to me about his fifty billion pound fund that he

51
00:02:47,600 --> 00:02:49,959
Speaker 2: wants to try to put money into UK business I

52
00:02:50,000 --> 00:02:53,160
Speaker 2: suppose what is your thought on actually trying to make

53
00:02:53,680 --> 00:02:56,919
Speaker 2: UK capital markets as attractive as they possibly can be,

54
00:02:56,919 --> 00:02:58,639
Speaker 2: because that's very fundamental to.

55
00:02:58,639 --> 00:03:03,440
Speaker 1: Our sits there absolutely and look, companies listing in London

56
00:03:03,560 --> 00:03:05,360
Speaker 1: is not the be all end of the world, but

57
00:03:05,400 --> 00:03:09,400
Speaker 1: what we did have with London was a place where

58
00:03:10,000 --> 00:03:13,000
Speaker 1: people wanted to list and as a result, headquarters obey

59
00:03:13,040 --> 00:03:17,640
Speaker 1: it and headquarters bring with them a lot of knowledge capital,

60
00:03:17,720 --> 00:03:22,000
Speaker 1: a lot of inward investment in people, and then they

61
00:03:22,080 --> 00:03:25,720
Speaker 1: support the financial markets. You're headquarters in London, you're like

62
00:03:25,800 --> 00:03:29,680
Speaker 1: to raise money in London so that competing has a

63
00:03:29,680 --> 00:03:33,840
Speaker 1: place where companies want to list and bath themselves is

64
00:03:33,880 --> 00:03:35,920
Speaker 1: a natural thing for the UK to do and to

65
00:03:35,960 --> 00:03:38,640
Speaker 1: set out to do, and we slightly lost the plot.

66
00:03:38,640 --> 00:03:40,840
Speaker 1: And now some of it to do with Brexit, I mean,

67
00:03:43,440 --> 00:03:46,720
Speaker 1: just because that creates an aposteric feel for people, but

68
00:03:46,880 --> 00:03:49,240
Speaker 1: some of it also to with the risk a version

69
00:03:49,520 --> 00:03:53,400
Speaker 1: that the amount of regulation we're imposing on UK listed companies,

70
00:03:53,840 --> 00:03:57,120
Speaker 1: the amount of onerous reporting requirements. None of the things

71
00:03:57,160 --> 00:04:00,200
Speaker 1: all well intended. It's just you know, the marketers as

72
00:04:00,200 --> 00:04:02,360
Speaker 1: Saniel report is now two hundred and sixty pages long

73
00:04:02,360 --> 00:04:04,080
Speaker 1: and next to it will be free on the pages long,

74
00:04:04,680 --> 00:04:08,640
Speaker 1: and unfortunately an awful lot of that is not actually

75
00:04:08,680 --> 00:04:12,400
Speaker 1: read by investors. So we just got to think about

76
00:04:12,440 --> 00:04:16,719
Speaker 1: these things. Know that governance. The more and more governance

77
00:04:16,760 --> 00:04:19,520
Speaker 1: we require, the more regulation we apply on people all

78
00:04:19,560 --> 00:04:23,160
Speaker 1: well intended. It may be that other countries are not

79
00:04:23,240 --> 00:04:27,120
Speaker 1: doing that. Then you'll lose listings. We've got to think

80
00:04:27,160 --> 00:04:30,799
Speaker 1: about that. You mentioned that I think the pensions industry

81
00:04:30,839 --> 00:04:34,160
Speaker 1: is all national tragedy. We have this huge sway of

82
00:04:34,160 --> 00:04:37,400
Speaker 1: the funds that over the last twenty years we spent

83
00:04:38,120 --> 00:04:43,359
Speaker 1: d risking by regulation. Pension tystees have no incentive to

84
00:04:43,400 --> 00:04:46,000
Speaker 1: get a great return for their investors.

85
00:04:46,800 --> 00:04:50,240
Speaker 2: Is anyone in government listening or are we already in

86
00:04:50,360 --> 00:04:53,719
Speaker 2: transition of power mode? I mean these issues around pension

87
00:04:53,720 --> 00:04:57,760
Speaker 2: funds and around creating growth, is there really a government

88
00:04:57,839 --> 00:04:58,960
Speaker 2: listening or no.

89
00:04:59,160 --> 00:05:02,599
Speaker 1: Look, I think what's happened here is that Rishi Sona

90
00:05:03,080 --> 00:05:09,440
Speaker 1: has arrived in a semi crisis, both the convulsion of

91
00:05:10,360 --> 00:05:13,640
Speaker 1: in the economy and financial markets of the Liz Trust era.

92
00:05:13,880 --> 00:05:18,760
Speaker 1: So their focus has been let's create some stability and

93
00:05:18,920 --> 00:05:23,480
Speaker 1: let some fix some real here and now problems. His

94
00:05:23,680 --> 00:05:30,280
Speaker 1: five objectives, which I think I can roughly remember anyway,

95
00:05:32,240 --> 00:05:36,159
Speaker 1: I think that was fine at the beginning, but it's

96
00:05:36,240 --> 00:05:39,000
Speaker 1: not fine for the future. And my advice to this

97
00:05:39,120 --> 00:05:41,440
Speaker 1: government is, if you want to be reelected, you've got

98
00:05:41,440 --> 00:05:43,640
Speaker 1: to be the future, not the past. To coin a phrase,

99
00:05:44,400 --> 00:05:46,800
Speaker 1: you can't be the fag end of thirteen years of

100
00:05:46,839 --> 00:05:51,040
Speaker 1: conservative rule. And Rishi Sunak is a very different prime

101
00:05:51,040 --> 00:05:55,080
Speaker 1: minister with a very good grasp of detail, a propensity

102
00:05:55,120 --> 00:05:59,080
Speaker 1: to analyze and understand things in debt, is very receptive

103
00:05:59,120 --> 00:06:01,839
Speaker 1: to these ideas. But there's come a point where you

104
00:06:01,960 --> 00:06:05,120
Speaker 1: have to set out why you're a real break with

105
00:06:05,200 --> 00:06:08,000
Speaker 1: the past and competition for labor, and I think that

106
00:06:08,120 --> 00:06:08,839
Speaker 1: point is near