0:05
>> Uh, thank you very much. U, it's one for
0:06
Mr. Generick. I understand you have a
0:08
speech tomorrow in the city. I was just
0:10
want to ask you on a policy reform has
0:12
already come out with regarding the
0:13
banking industry. Um, you've previously
0:15
come out against the idea of a windfall
0:17
tax in 2022. You said a tax on
0:19
exceptional and unexpected trading
0:21
profits does not inspire long-term
0:23
confidence. Now, this was about a levy
0:25
on energy companies, but I'm wondering
0:26
how you reckon this with reforms policy
0:28
and a lot of Mr. frag's rhetoric towards
0:30
a banking industry. And then just on
0:32
that, how do you hope to be reforms man
0:34
to woo the city with a policy that is
0:36
going to get so much push back from the
0:37
financial services sector and lead to
0:39
firms likely pulling investment or
0:41
threatening to pull? And if I may, just
0:43
one for M Braman. Um on the uh
0:45
industrialization policies you've been
0:47
discussing recently and happy for reform
0:49
to pursue socialist policies, do you
0:51
still identify as a conservative and
0:53
would you say reform will govern
0:54
>> socialist policies? I'm sorry, I'm
0:56
getting a bit confused.
0:56
>> Industrialization comments. What
0:58
>> the um I'll find you the line. Um
1:02
>> there's actually a case for if we were
1:04
serious about industrializing our
1:05
country and the renaissance of our
1:06
industry state involvement in our
1:08
>> Well I don't think state involvement in
1:10
in strategic industries is socialism. I
1:13
mean I understand you saying that
1:14
socialism might be you know a very high
1:17
percentage of the British economy. Um
1:20
you you know being involved in what in
1:22
the old days we would have called the
1:25
There's nothing socialist about saying
1:27
that the British government should maybe
1:29
take a stake in some of these strategic
1:31
industries. That's not nationalization.
1:32
Far far from it. So I do actually reject
1:34
that completely. Robert, well if I I can
1:39
concur with Nigel there. There's nothing
1:40
socialist about saying that our economy
1:43
should be concerned about salvaging
1:46
strategic industries like steel
1:48
>> or car making. We're losing those
1:51
strategic industries now. And as a
1:53
result of the crazy net zero policies,
1:54
frankly, of the last Conservative
1:55
government and now of this one, we're
1:58
rapidly de-industrializing.
2:00
It's not socialist to say
2:01
[clears throat] that we want to revert
2:02
that, particularly when we're a 90 odd%
2:06
service-based economy that is being
2:09
massively disrupted by AI. So, we're
2:12
going to have an industrial strategy and
2:14
we're going to have an economic plan
2:16
that salvages the good jobs and those
2:18
strategic industries. Be in no doubt of
2:21
that. I think what you're referring to,
2:22
I said in the past, was I disagreed with
2:25
the last Conservative government's
2:26
decision to increase and set the energy
2:29
profits levy, which was massively
2:32
harmful to long-term investment in the
2:35
North Sea. I continue to agree with what
2:37
I said previously. That is going to be
2:40
is already proving to be very damaging
2:43
to the tens of thousands of good jobs
2:46
that rely on that industry, particularly
2:48
in the northeast of Scotland. And that
2:50
is something that Richard and I will
2:51
continue to work on. As regards the
2:53
city, well, look, I hold my hands up. I
2:57
didn't work for 10 years as an economist
2:59
at the Bank of England.
3:05
I'm not a chess grandmaster. [laughter]
3:09
But with Richard and Nigel, I do intend
3:12
to get out to talk to businesses in the
3:15
city and frankly right across the
3:17
country so that we can build the best
3:19
possible, most productive relationship
3:21
and a one of trust that they can see in
3:24
us a government in waiting that can be
3:26
trusted with the economy. And above all,
3:28
people listening to this program to to
3:30
this event today can know that we will
3:33
be careful with their money [snorts] and
3:35
provide the stability that our economy
3:38
desperately needs right now and is not
3:40
being provided by Rachel Reeves and this
