Robert Peston

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.

I mean, we had actually, I thought, a very impressive young minister on the podcast, Kanishka Narayan, who is the sort of

tech science minister to kyle i have no doubt is really committed he wants to be you know the secretary of state who creates the conditions in which we do get in the uk a trillion pound or trillion dollar business well a million miles around a trillion dollar business at the moment but that he really wants to create that so he said they talk the talk right but then look at sovereign ai