YouSaid · the spoken record

Julia Hoggett

lines on the record: 56
first: 2025-03-28
most recent: 2025-03-28
sittings or episodes: 1
sources: podcast

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“Deregulation, I think, is the wrong word because I think that sends people running for the hills as a sort of fear. And this isn't a bonfire of regulation or any of the things that sort of people have accused it of. I think it is about getting back to what do we regulate for? What are the outcomes we want to achieve? I was saying this to someone the other day that very often when you write regulation, you've got a very well-intentioned thing that you want to achieve. And then your regulation creates a policy for how you achieve it. But then nobody checks and then everybody fixates on following the policy and forgets to check whether the policy produced the outcome that they wanted in the first place. If we want financially literate, properly enfranchised retail investors who have a stake in society, have a good savings rate, and that we reinvest in our own economy, that should be the objective. If when we had done our pension reforms in the, and if we did the 90s, we'd had, okay, 54% of all the investment in our capital market is UK.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think in retail, I think it's been a combination of regulatory reform. We've created a challenging environment for our regulators where if something goes wrong, they wind up in front of Parliament. Their natural instinct as a consequence is to make the things that they're responsible for harder and harder to do. They put higher and higher walls up. And so under the guise of protecting retail, we've arguably disenfranchised them a bit. We've made it harder to access advice. We've made it harder for them to access regulated markets. And yet our user journey in the cryptocurrency, well, there's incredibly straightforward. And actually, I want people to feel that they've got a stake in their economy, in the companies that are going to create the jobs, the innovation, the growth, the productivity that pays for the NHS and pays for our defense. That's what we all, I think, care about as Brits. And yet we've sort of disconnected people from that. That's sort of one leg. The other leg”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“Very good question. I think in part because of the strength of our role as the locus of the EU single market. You know, when you're serving everybody everywhere across the EU, you can get a bit disconnected from your own domestic economy. And I think some of the regulatory changes serve to do that as well. We used to have BMothic pension funds that invested a huge amount of their assets in driving risk capital into our economy. And when we did, our growth rates were as high as anywhere else in the world and our capital markets were as vibrant as anywhere else in the world. Those two things alone we've unpacked over the last 20 or 30 years and we've disconnected society from our capital markets.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“The seam has stayed very similar. My theory was the UK has all the raw ingredients. So we have world-leading universities, we have some remarkable entrepreneurship going on already and startup culture in this country. We create more unicorns than anywhere outside the US and China. And we're a world-leading capital market by any measure. We don't think of ourselves that way and we don't talk about ourselves that way as a nation, but actually we have all of those raw ingredients. The city has done a very good job over the last 30 years of driving the UK's place as a global financial centre. It's done a less good job of driving the UK domestic economy. And so the key question was those things don't need to be oppositional. You can walk and chew gum at the same time. You can aim to do both.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“My word, by accident is the honest answer to the question. So I was described my career as a series of answering exam questions. So I'm actually a sociologist who specialized in sub-Saharan East Africa by training, went into the city to find out how Malawi operated in the global economy and I've answered a series of exam questions ever since. And in the summer of 2020, Apple was worth more than the FTSE 100 for the first time. I was then at the FCA as director of market oversight. And that evening I literally wrote down everything I thought that I could try and influence to change it so that that didn't happen again. The next day, the phone rang and it was a headhunter and her first question was why haven't you applied for the LSE job? So I was like, well, I know the exam question I want to answer. Should I stay at the FCA where I've got a certain amount of influence over how our markets function? Or should I explore coming to the LC and the rest is history?”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source
“We've disconnected society from our capital markets. Stamp duty is a perversity in the UK. We charge people to invest in UK stocks where we don't charge them to invest in US stocks or European stocks. We basically created a world where cheap was good for financial services. In the last 10 years, only 20 UK companies have listed in the US that have raised over $100 million. Of those, nine have already delisted. Only four are trading up and the rest are trading down by over 80%.”
2025-03-28 · The Twenty Minute VC · 20VC: Will Revolut and Monzo List in the UK | How Does London Compete Against the US To Win The Best UK IPOs | Are UK Public Companies Punished on Price for Listing in London | The Myths and the Reality of The London Stock Exchange with CEO, Julia Hoggett · IDENTIFIED FROM THE TRANSCRIPT · source