Nick Clegg

There's another area which I'm not sure if you find this, but

If you go to France, what they did, I think it was under Francois Hollande, interestingly enough, they basically swept together all their different pots of public money.

It's very sort of French dirigé, centralized approach.

But on this instance, they're often wrong.

They might be right.

And they put it under the aegis of something called the BPI, the banque something, something, something.

And it's basically a banque.

very big, large-scale French investment entity into different asset classes.

We, instead, have invented lots of different pots of money.

So you've got a few hundred million for, what is it, sovereign AI.

You've got a wealth fund.

You've got a British business.

And everyone's ticking their boxes in different ways.

Everybody, of course, protects their patch.

If scale is the issue, what you shouldn't be doing with public money is chopping it up into lots of bits.

Yeah, it's very odd.

We do almost exactly.

So instead of aggregating the money at scale, we chop it up.

we apply very risk-averse criteria to it when we should actually be using it to leverage greater risk that otherwise might not be supported.

And I agree with you, just duplicating what are oversubscribed rounds, of course.