Merryn Somerset Webb

So lots in there.

Let me pick off some bits of them.

So obviously, the better the enabling environment is,

all the stuff we mentioned earlier on, the more likely it is that they will grow, the more likely it is that they will stay.

So that's a kind of prerequisite, I think, for growing our own, given that the seed corn is plentiful and strong.

When we look at, you know, the UK scale-up problem is not a new problem.

It just so happens that we've got a particularly good crop just at the moment.

The obstacles are partly financial and looking for ways of widening that pool of...

VC or PE, or indeed public listing of companies, smoothing the passage of that, I think is really important.

The engine of that, again, it's not a surprise to anyone, needs to be our own patient capital investors, pension funds, insurance companies, investing more in UK PLC.

We are the only pension fund on the planet

that does not have a home bias towards our own companies.

And that is ridiculous and that needs to change.

Would you mandate that change?

Sorry?

Would you mandate that change?

No, I wouldn't mandate it, but I would expedite our facilitation of that.

by, you know, that means looking at regulation, you know, is what used to be called SOMC-T, what's now called SOMC-UK, is that getting in the way of us putting those monies to work?

Is it the risk aversion of pension fund trustees?

that's getting in the way of putting those monies to work.