0:00
There is a lot to be done, but it's a long-term
0:08
project and we just need to keep the pressure on, keep doing the work
0:28
We've got data, where data industry, we now need to use that data to convince everybody of how much good we can do. Not for the
0:36
city, it's about what we can do for the broader society. What does the financial industry actually
0:44
do? Why are we here? It's not just to make money. It is to actually make sure that our companies
0:51
and our founders in particular have got the funds they require locally to us be able to grow their
0:58
companies to start them, grow them and to stay here when they become those billion dollar companies
1:15
It's the best asset class, the returns of small cap and microcalf, portfolio of growth and value
1:22
funds has been the best outperforming asset for the last 150 years, and we're prohibiting people from
1:27
investing in that. And yet young people today, all invest in cryptocurrency and all sorts of other
1:31
things which personally I think are much risk here than actually investing in the future unicorns of this country
1:50
The average person is saving about a third of what they need to save to have a decent retirement
1:55
That's the problem. And they're getting returns, which are two or three percent less, than if they were internationally orientated
2:02
And they, you know, we've got things like a child's cash. I say. That is almost criminal that if someone's going to have money for 20 years, we make
2:11
them invest it in something which is going to have a negative real return rather than encouraging
2:15
them to start taking risk. Just take something like wind and solar, there's a huge, huge need for a massive growth. We
2:34
recently bought a very large, in fact the largest set of solar assets
2:37
traded in the UK for 700 million. Nearly all the capital from that
2:43
came from international investors. And that shouldn't be the case. And that's back to my point about getting insurance
2:50
capital. If you're running a trustee of a defined benefit pension fund and you know that the
2:53
insurance company that's going to buy you out in three years time doesn't want
2:58
wind assets and doesn't want solar assets, you're not going to buy them. So there's a buyer's strike going
3:04
on in those markets. So I see Schroeder's playing a big part
3:08
We'll build them and sell them to foreign investors. But I think we've got a much better outcome if those assets were owned in the UK
