Robert Peston

so

Of course, the fundamental reason why America leads the world in large language models, AI, is because it has the most important single market in the world.

And that's been, you know, why did America lead in investment banks?

Because it's got an enormous domestic market.

Why does it lead in so many other industries?

But the paradox about Europe is, obviously, there's been an enormous cost to the EU leaving the European Union, economically a big cost.

But Europe itself has been...

Nowhere.

You know, yes, you're right.

Mistral in France may be a second tier player over the over the medium term.

Right.

But you only have to go back to the Draghi report about why Europe is not competing to realize that we're, you know, that Europe itself has to change and reform if it's going to be a player in these new industries.

At what point will European leaders, including our own, have a panic attack about this and actually change?

And you're right.

The way that the government is approaching this, in my view, is the wrong approach.

What you have to do is create a regulatory framework in which these pensions feel empowered to take more risk.

At the moment, the regulatory framework broadly discourages all that.

Minimal commitments.

So I'm really worried about...

you know, the government's approach to investing in these younger businesses.