Katie Lam MP

25 Nov 2025 · 1 h 20 min · 32 chapters

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In short

Katie Lam MP discusses her path from classics at Trinity College Cambridge to equity research at Goldman Sachs, then into senior roles in UK government (Number 10 business relations; later Home Office national security), and finally becoming a Conservative MP elected in 2024. She also covers how MPs build and manage teams, how the pandemic changed government-business guidance, and how AI may reshape research and politics.

Guest backgrounds

Katie Lam is a newly elected Conservative MP (2024 general election). Before politics she spent six years at Goldman Sachs, including equity research and roles supporting European/global research leadership. She later worked in Downing Street as leading business relations, then moved to the Home Office for national security work (counter-terrorism, MI5 oversight, serious organised crime) and contributed to the National Security and Investment Bill (ACT).

Key claims

AI could automate parts of equity research (e.g., scraping annual reports and building financial models), but value will shift to higher-level judgment and original analysis. Government intervention tends to “ratchet up” and is hard to roll back after crises like COVID. MPs must lead with their own views, not balanced “pros and cons.”

Notable examples

“Sausage skins” mid-cap research; pandemic guidance during early furlough delays; DeepMind/Google and critical infrastructure definitions; MP casework as a “public sector ombudsman” for issues like school admissions and cross-agency problems.

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

Tap a time to open that second in VO

From Classics to Politics

0:04 to 0:26

Katie shares her journey from studying classics to her career in politics.

“It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks.”

From Classics to Politics

1:11 to 2:09

Katie shares her journey from studying classics to her career in politics.

“Now I read the most fascinating thing when doing this research obviously we've known each other for like four or five years but when you went to university you read classics Yes.”

The Value of Classics

2:09 to 3:46

Discussion on how studying classics enhances understanding of language and culture.

“I'm going to have to do Latin and Greek to GCSE, but they're not offered at school.”

Transition to Goldman Sachs

3:46 to 5:41

Katie talks about moving from her classics degree to a career in finance.

“And how did it sort of prepare you for then going on to Goldman Sachs?”

Life in the City

5:41 to 7:46

An insight into the dynamic and challenging environment of working in finance.

“And what were the interviews with Goldman like as a graduate?”

Research and Entrepreneurialism

7:46 to 8:31

Exploration of the specialization in small and mid-cap businesses and their significance.

“Well, I did smaller mid-cap initially And then I did, we had a sort of pan-European thematic research group.”

The Future of Equity Research with AI

8:31 to 12:16

Katie discusses the potential impact of AI on equity research roles and tasks.

“Well, I know we have a kindred spirit in that in terms of enjoying reading about those kind of like niche businesses and so on.”

Navigating AI and Originality

12:16 to 14:00

The importance of maintaining originality in research amidst AI advancements.

“The problem is you haven't done the thought process.”

The Future of Equity Research in an AI World

14:00 to 15:00

Explore how AI is changing the landscape of equity research and the need for value-added insights.

“Whereas something like equity research will only survive if companies can do that in a value-added way.”

Recruitment Challenges in the AI Era

15:00 to 16:00

Discuss the implications of AI on recruiting and the necessity for originality.

“Like, and you need to take a sort of outlier kind of perspective on it and then like try and stack it up.”
Show all 32 chapters

Perceptions of AI and Cultural Context

16:00 to 17:00

Understand the limitations of AI in capturing cultural nuances and creativity.

“So if you're already in the market for a podcast or standout business content, why not start with us?”

Katie Lam's Political Journey

17:00 to 19:00

Katie Lam shares her experiences in politics and her path to Number 10.

“And I always think when I use it, I often think like it's so I know.”

Working in Number 10 During Brexit

19:00 to 22:00

Insights into the high-octane environment of Number 10 during the Brexit negotiations.

“because David Cameron was our first Conservative Prime Minister for a long time, and basically, you know, in my memory, the first Conservative Prime Minister that we'd had.”

The COVID-19 Crisis: Challenges and Responses

22:00 to 24:20

Detailing the intense experiences and challenges faced during the pandemic in a political role.

“Because from their perspective, you know, they're bleeding millions and millions of pounds and the only financially rational thing to do is in relatively short order to make a lot of people redundant.”

Reflections on the Pandemic's Legacy

24:20 to 28:00

Discussing the long-term impacts of the pandemic on society and the economy.

“All of those big furniture shops along Tottenham Court Road all closed.”

Pandemic Impact on Government and Economy

28:00 to 29:40

Explore the emotional and logistical challenges stemming from government interventions during the pandemic.

“which rocketed during the pandemic and has never got back to where it was before.”

Lobbying and Government Infrastructure Post-Pandemic

29:40 to 32:00

Discuss how the pandemic prompted new lobbying efforts and challenges in returning to pre-pandemic norms.

“Like, why would you need to talk to the government if you are a wedding venue?”

Navigating National Security Challenges

32:00 to 34:00

Understanding the complexities of national security in the context of global trade and investments.

“Yeah, so I did a bit of consulting, and then I went to go and work for an AI company for a bit.”

The Role of Government in Critical Infrastructure

34:00 to 35:50

Examine the importance of defining critical infrastructure and protecting national interests amid geopolitical tensions.

“And in some cases, that has proven not to be true.”

Government Ownership vs. Private Enterprise

35:50 to 38:00

Analyze the debate over government ownership of companies and its implications for innovation and investment.

“You know, we could have, and I suppose we could still lose that company to the States, which would be a real shame given how far ahead of a lot of that revolution we were and could have been.”

Personal Journey into Politics

38:00 to 40:00

Hear about the speaker's family history and motivations for entering politics, shaped by their experiences.

“But when that money is taxpayers' money, it hurts a lot more.”

Transitioning from Advisor to MP

40:00 to 46:00

Insights into the challenges and reflections of moving from advisory roles to being an elected representative.

“All of the family was stripped of their citizenship.”

The Intensity of Parliamentary Work

46:00 to 49:20

Understand the intense personal nature of working as an MP and the challenges in team management.

“I was saying earlier how intense it was to work in number 10, particularly during the pandemic.”

Recruitment Challenges for MPs

49:20 to 54:20

Learn about the bureaucratic hurdles in recruiting staff as a Member of Parliament.

“So, um, there's all the classic roles that you would find everywhere.”

The Role of MPs in Public Sector Issues

54:20 to 56:00

Discuss how MPs navigate public sector issues and the potential impact of AI on these processes.

“Yeah, I think that's really it's interesting.”

Navigating Parliamentary Roles and Interests

56:00 to 1:02:40

Explore how MPs balance their responsibilities and personal interests.

“And in lots of ways, there's opportunity in that.”

Economic Challenges and Aspirations

1:02:40 to 1:10:01

Discuss the economic stagnation and its impact on aspirations for the younger generation.

“and particularly house purchases in order by 2007, 2008, and those of us who came later and weren't able to do that.”

Reflections on Early Jobs and Generational Shifts

1:10:01 to 1:12:01

Explore how different generations approach their first jobs and the evolution of work experiences.

“And I think it's a good point that you make that they're a bit sort of bored of.”

Collaborative Efforts in Parliament

1:12:02 to 1:14:33

Discover how MPs work together on local issues such as organized crime and environmental challenges.

“That's interesting because I often think that's a Gen X thing right?”

Personal Anecdotes and Fun Questions

1:14:34 to 1:16:16

Enjoy a lighthearted discussion about personal preferences including cars and favorite biscuits.

“I learned to drive on my parents bought, my dad bought under the scrappage scheme the only new car that he's ever bought and ever will buy, which was a Hyundai i30.”

Vision for the Future and Parliamentary Goals

1:16:17 to 1:18:15

Hear insights on aspirations for the future and the importance of believing in progress.

“Just I think, which of them might be a good cook?”

Vision for the Future and Parliamentary Goals

1:18:47 to 1:19:17

Hear insights on aspirations for the future and the importance of believing in progress.

“Like the soccer tournament World Cup holder for the world.”
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Transcript

Automatic transcript. May contain errors.

0:01This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome? That's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50-page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses set up required, compatibility and availability varies 18+. Welcome to Jimmy's Jobs of the Future. Today's guest is Katie Lam. one of the new conservative intake from the 2024 general election.

0:34Now, before politics, she had a fascinating career in the city at Goldman Sachs for six years. And then she actually took over my old job as leading business relations in Downing Street. So we got to know each other then. And it was great to kind of get her on to talk about lots of different aspects of the role of an MP, building a team behind a member of parliament, etc. her and also how she's coping with being a leading light she's being both sort of talked up by both George Osborne and Dominic Cummings so it's been really interesting to chat to her and I hope you enjoy listening on to today's show.

1:10Katie welcome to Jimmy's Jobs of the Future. Thank you it's a pleasure to be here. Now I read the most fascinating thing when doing this research obviously we've known each other for like four or five years but when you went to university you read classics Yes. And you, but your school didn't do Latin or Greek, so you taught it yourself? Well, it did a little. So when I went to, I just went to my local school, comp school, eight houses down the road. Obviously because it was so close, I was late every day. But there was one teacher there who was still there from when it had been a girl's grammar.

1:44So it was converted from a grammar school to a comprehensive school in the seventies. And there was one guy who was still teaching from that time, who was called Mr. Bathurst, He was a legend at my school and he was very intelligent and taught lots of different subjects on the understanding that he could still teach Latin. So he taught a couple of hours of Latin a week in year eight and year nine. And as soon as I took it, I thought, this is awesome. This is for me. I'm totally doing this. So I went home and said to my parents, I'm going to do classics at university. I'm going to have to do Latin and Greek to GCSE, but they're not offered at school.

2:18And my parents, bless them, just said, OK, fine. and so I did and and uh Mr. Bathurst went to Trinity College Cambridge and read classics and because of him so did I oh that's it's so interesting and what was it about classics because so my my thinking on this is that I always did classics as well right so that's why that's why I sort of haven't particularly beat my interest but I didn't I didn't go with it in the end and but I just think it's the most wonderful subject because it's English literature meets drama meets ancient history basically. Yeah and and so the languages especially I felt were the best of language, maths and music.

3:01They're sort of pattern based, you understand, you understand English a lot better so Latin and Greek are what's called inflexive languages so the endings change and in English apart from in some areas like he and him that's quite unusual so it's hard in English to teach things like moods, like the subjunctive, like if I were to X, Y, Z. Whereas in Latin and Greek, you have to learn them if you're going to put the words together and put the sentence together properly. So I found that really gratifying and exciting to learn more about English through learning other languages. And then I just was totally captivated by how broad they are.

3:36You do all of these different things, history and philosophy and linguistics and art and archaeology and architecture. And I loved it. Yeah. And how did it sort of prepare you for then going on to Goldman Sachs? Well, the first job that I did at Goldman, I worked in equity research. So there's a department there that effectively writes reports on big listed companies saying to our clients whether they would suggest buying them, holding them if you already have them or selling them. which is basically essays, right? So, you know, if you're used to writing an essay on the Iliad book two, now you can write an essay on ASOS or something.

4:20And that is basically how I saw it. And I really enjoyed that. I'm quite a... I like to research things, understand things better and get to the bottom of things. And so I found equity research really, really good fun because of that. And how did you decide when you're doing that classics degree, oh, I want to go into sort of finance. What was the sort of thinking there? Well, I had a good friend at the time whose mum, a friend from university, whose mum was a barrister because I had always kind of thought when I was younger, I'd always been interested in politics, but I was really interested in, I thought I might want to be a police officer or because spooks was a very big thing, I thought I might want to be a spy Uh, or I thought I might want to be a lawyer.

5:08Um, and so I talked to her a bit about the bar, and she said, which I thought was very good advice, at the very beginning of your career, it's great if you can go somewhere that will train you. And the bar is... Everybody's self-employed, right? You know, you have a sort of chamber set up and there's like a peopleage set up. Uh, but if you go somewhere, if you go to a big grand employer, basically, somewhere like Goldman, they have a whole training program, and so they teach you things that you otherwise wouldn't learn. And I thought that was really good advice and I basically followed it and went to Goldman.

5:41And what were the interviews with Goldman like as a graduate? Well, as a graduate, so I was given my job offer straight from my internship. The internship interviews, God, you're testing my memory now. Sorry, I mean, it was only a few years ago. No, were, you had to talk about why you were interested in finance, why you're interested in the firm. There was a mathematical sort of competency test and then there were several interviews. There was like a general firm interview and then I think it was four interviews within the department. Okay. And then they mostly use the internship as the funnel for full time so they don't make you do another interview at the end of the internship because at that point they feel like they know you.

6:28Yeah. So I got an offer off the back of that and so which meant my last year at university was lovely because I didn't need to worry about finding a job okay and then graduated and went straight to go and do that and how did you find it being in the city oh I loved it I found it really exciting and really dynamic I mean it was very intense and quite tiring uh I I remember I had a couple of weeks where so four times a year if you're a listed company, you post your quarterly results. And each sector tend to do these sort of roughly together. So you'll have a like results season for any particular sector, which is exhausting.

7:11And I remember I came home on a Friday evening. And I thought, you know, I'm just I'm just not going to set an alarm tomorrow. I'll just wake up when I wake up. And I woke up and it was dark. And I was like, Oh, God, you know, I've woken up early anyway when I wanted to lie in. I thought it was six in the morning and it was, of course, six in the evening. So, it was really... It definitely took quite a lot of energy and I didn't sleep very much for those first few years of my twenties. But it was really dynamic and interesting and I learned a lot, which I find in lots of ways the most gratifying thing in any role.

7:45What sectors were you covering? I did smaller mid-cap. Well, I did smaller mid-cap initially And then I did, we had a sort of pan-European thematic research group. Okay. Which was great. Small and mid-cap especially is really good fun because it's businesses that are actually quite big, but often quite specialized. So, you know, it'll be a billion pound business and all it will make is like skins for sausages, for example, which sounds really niche, but like every sausage needs a skin, right? So, and then these new business lines come up, like vegetarian sausages become more popular. And so they've got a whole line of cellulose sausage skins or whatever it might be.

8:23And I find all of that really fascinating. Like that kind of entrepreneurialism is what powers the economy. So it was really good fun. Yeah. No, no. Yeah. Well, I know we have a kindred spirit in that in terms of enjoying reading about those kind of like niche businesses and so on. Because then, so then you become a spatch, right? Yes. So I did a couple of other jobs in Goldman. I didn't say equity research all the time. I went to go and work for the head of research in Europe, who then took on a global role. I did a sort of chief of staff role for him. I ran a couple of project teams. So I bounced around doing a few different things.

9:03But yes, then I became a special advisor. How do you think, just quickly, like sort of going off piece, but how do you think that AI would change that research role that you did, right? I have thought about it. It's a great question. I've thought about this quite a lot. I think the obvious, there's lots of tasks that you could ask AI to do. So we used to build a model for every company and the model kind of formed the basis of the forecast. So for every company, there's three financial statements. There's the profit and loss, the cash flow, and the balance sheet. And you would put all of these into Excel.

9:38You would break down the different things that they're paying for, how you think those are going to change over the coming year or years. And then as a result, you would work out what you think their profit is going to be relative to what the market thinks it's going to be. And particularly building those models in the first place, which we did quite a lot more in my team, in the small and mid-cap team than in other teams, because often the companies were new. So, you know, the small and mid-cap team was covering ASOS when it was like 17p a share or something. And obviously it skyrocketed and it's now a massive company.

10:14But you now could just, and all of these figures are in the annual report. So the company publishes an annual report every year. It's like 200 pages long. and now I think you could just ask AI to build a model and you could ask AI to scrape the annual report. I suppose the challenge is, which is one of the things that I'm intrigued to see how it plays out with AI, is building those models is slightly tedious, lower value work, but it is such a great way to learn because that's how you really, you know, you can read a hundred profit and loss statements, but until you've built one, you don't really have a proper sense of how they work.

10:57Now, maybe you could say, well, you only need to build, which is probably true, you only need to build a couple. And so if you were new to equity research, you would build your first few by hand, and then you would get AI to build the subsequent ones. But you do need to do some of that stuff manually at the beginning to properly understand it. Yeah. No, no, I totally agree. So how do you think it would change that? Do you think there'll be less need for people, etc? I think a bit like what I think AI will do across the economy. I think that there'll be less effectively, sort of more boring work.

11:36And the hope would be that you would have a lot more of your time freed up to do things like, you know, have higher level client conversations earlier on in your career. or you would spend much less time putting those slides together and much more time going around and presenting them or whatever it might be. You know, there was a lot of quite grinding work that was done relatively late into the night, putting things together that could be automated and hopefully when they are, will mean that people can do more sophisticated work earlier on. yeah i think it's interesting because tyler cohen talks about the sort of top law firms city firms largely in their 20s they're just building the staff for stamina right like that's huge amount of it is like you know and and sort of slightly weeding out people that don't want to do it and and so on and i just think it's interesting because it's like okay well how are you going to how are you going to do that how are you going to build that sort of stamina for people to be able to to do that.

12:40Yeah and and how are you going to How are you going to make sure that people have actually understood this is one of the this is why cheating is bad or using AI to write your essays is bad is an essay at school or university is not an output it's kind of a receipt if that makes sense of a thought process and so if you get somebody else to write the essay it's not necessarily a problem that you haven't written all the words yourself. The problem is you haven't done the thought process. And so similarly, if you say to AI, well, I don't know, what do you think is going to happen in the, to sit with my sausage skins example, what do you think is going to happen in the global sausage eating market?

13:30Then if everybody asks AI, everybody's going to have the same answer. And you also have this problem of a kind of... I don't know what the right way is to describe it. I'm sure that there is a pithy phrase if you're an AI expert on specifically this kind of thing. But everything sort of ends up... The world gets smaller and smaller and smaller because everybody's just using the same sources. And actually, ultimately, you're drawing on a really narrow base of information. because everybody's just asking AI. Whereas something like equity research will only survive if companies can do that in a value-added way.

14:13Because if an investor can just say to AI, what's going to happen to this company, and AI can give them an answer that's as good as an equity researcher, then there's no point in an equity researcher. So everybody is going to have to get better and stay at the top of their game to offer something that's more valuable than you can just get from ChatGPT or Gemini or whatever it might be. I think that's interesting. Like, we were recruiting for somebody the other day, and it was interesting that the couple of tasks that we give, and it's funny because you have to be careful now not to make tasks too onerous for people, but it was basically like, how would you spend 10K and how would you make 50K?

14:49Like, look at our business. And it was interesting because we got some really good responses that I was really impressed with at the beginning, and then every response was the same one and clearly what everyone had done was sort of take our website and the job description put it into chat gpt and be like how to answer these kind of questions so it was interesting because it made the bar much higher for applicants and so on but i think also is that it is that counterintuitive view and actually our university system rewards us right like the way to get a first class degree generally is that you have to argue against the grain.

15:24Like you can't just... Yeah, you need something original. Yeah, exactly. Right. Like, and you need to take a sort of outlier kind of perspective on it and then like try and stack it up. Right. Yeah. And, uh, the hope, and I think it's a reasonable hope is that I, is that AI basically raises the floor. Right. So, so all, I don't know, marketing copy is written to a fairly high standard, but the really good marketing copy will still stand out. And people who are really, really good at writing marketing copy that is original yeah uh are going to do arguably even better because that becomes even more important yeah and being able to understand the kind of like cultural context of the time as well i think is going to be like a very because it's not going to be able to do that as quick like you know it's always going to be a bit kind of delayed on on that if it gets that far anyway well almost by definition because it's learning from external things that need to have happened for it to learn them if that makes sense exactly right and I always think when I'm easy I often think like it's so American like yeah I know and there's all the little ticks I mean I am are you a fan of Jimmy's Jobs of the Future hi I'm Sonny one of the producers behind the show and we don't just make this podcast we produce some of the best business content out there working with global brands and founders over the past year we've flown around the world and demand keeps growing and with four prime ministers trusting us with their appearances on this show, you're in safe hands.

16:49So if you're already in the market for a podcast or standout business content, why not start with us? Drop me a line at sunny at boxlight.io, try our podcast calculator or book a meeting at boxlight.io. That's boxlight.io. Now back to Jimmy. Exactly right. And I always think when I use it, I often think like it's so I know. And there's all the little ticks. I mean, I'm so frustrated by this, obviously, of all of the challenges of AI. This does not rank in the top list. But I have always been really picky about using a proper m - rather than a hyphen in a sentence. And now I can't use them at all, because somebody in my team said, you can't use these, it's a ChatGPT tell.

17:34And I said, I didn't write this in ChatGPT. And they said, it doesn't matter. You cannot use this. It looks like AI. And I'm genuinely annoyed about this. But what can you do? Well, I think it'll change. That'll change again, right? Yeah. Because I saw someone tweet. Justice for the M-dash. It'll come back. So where do you like using M-dashes then? Wherever you're embedding a clause into a sentence. So if you were to say, for example, Jimmy's Jobs, Dash, one of the greatest podcasts of all time. Dash is something that I always enjoy dropping into. Then those would be longer dashes. but no more that's great yeah clip that though so then you become so then you kind of go into sort of spad life etc that's kind of where we meet it tell me because my mind gets a bit fuzzy around all then anyway like when when did you go in why did you go in what was your kind of route in right i'd done a lot of politics at university uh so because i went to just my local which is very nice, but just a local comprehensive school.

18:40When I went to Cambridge, I was just overawed by how much there was to do and get involved with. And one of the things that I got really involved with, and there were quite a few, I got very involved with the theatre, but one of the things I got really involved with was politics. And so I had joined the Conservative Party when I was a student, which was a really exciting time to be a Conservative because David Cameron was our first Conservative Prime Minister for a long time, and basically, you know, in my memory, the first Conservative Prime Minister that we'd had. And so I'd always been a member of the party, and I always used to go to conference.

19:15It was really difficult, particularly when I was at GS, to do a huge amount politically, just because I didn't have a lot of time. But I would always go to conference because it was a good chance just to check in with everybody. And through a sort of friend of a friend of a friend, and was introduced to Andrew Griffith, who's now the MP for Arundel and the South Downs. He was running the business team in Number 10, which, of course, you know a lot about. And I met him for coffee, and he basically said, well, when can you start? And it feels like ancient history now, because everything before COVID feels like a lifetime ago.

19:54But it was autumn 2019, and it was obvious because of where the EU deal re-negotiation was, that something would have to give, you know, that there would have to be an election called, and that could go well from our perspective, or it might go badly. And so I thought, well, this is either going to be, you know, the weirdest 12 weeks of my life, and that'll be a great experience that I never talk about again, or this could be really interesting. And so I thought, well, I'll give it a go. I'll come into number 10." And that first stretch was fascinating and quite high octane, because it was like, you know, the Prime Minister would talk to Angela Merkel and everything was off, and then he talked to Leo Varadkar and everything was on again, and, you know, it was all over the place and there'd be loads of votes in Parliament, and they always looked like they were gonna get close, and then they didn't get close enough, and in due course, as of course we know, a general election was called.

20:53Yeah. And so I went and worked on that campaign, which was also fascinating. And then on whatever it would have been, Friday the 13th of December 2019, we were kind of back in number 10. Andrew, who had been my boss, got elected in that election, so he went off to be an MP. I took over the team from him. And it looked like we were sort of there to do one kind of project. And then of course, the pandemic hit. Yeah, of course. And what was Was it like doing that role during the pandemic, right? Because businesses were like everyone, but it was just... Yeah, it was... I've got mixed feelings about it because I do genuinely think it was a privilege to be of service at a time that was so difficult for the country.

21:46But it was also grim. The days were incredibly long, particularly the darkest point, the sort of the lowest point of it, well there were two actually, one was when the Prime Minister was very very ill and that was really, that was a very very tough 48 hours and the other was at the very beginning that first week when the PM effectively shut down large swathes of the economy on the Monday, Tuesday and the Chancellor, Rishi Sunak as was, didn't announce furlough until the Friday and basically begging businesses for about 19, 20 hours a day over that week just to hold on. Because from their perspective, you know, they're bleeding millions and millions of pounds and the only financially rational thing to do is in relatively short order to make a lot of people redundant.

22:40And we had to say, or I had to say, something's coming. I don't know what it is. I'm not keeping it from you. It just doesn't exist yet. It just hasn't been written. But I promise you it is coming. Please, please, just wait to see what it is. And almost universally, they did. And then we got into a whole load of other issues about workplace guidance for opening during COVID, because lots of places could open. We had different rules from... In some countries, the rules were you could only go to work if you had a sort of key work role. So if you worked in a factory, you could go in if that product was medical equipment or whatever.

23:21And here, if you had to go into work, if you worked on a farm or in a nail polish factory, you could still go into work. So for those businesses, we had to come up with guidance very quickly. Public Health England, unsurprisingly, had their hands full. Yeah. So they couldn't really spare anybody to do it. I mean, it was incredibly intense. Like, I think for lots of people, I mean, I can only imagine how intense it would have been to work in a hospital at the time, for example. It's now passed into kind of fever dream status. Like, I almost can't remember it properly, and I sort of don't really want to.

23:59Yeah. But it was, in lots of ways, rewarding, but just very, very intense. It's also one of those things, because you're not sleeping properly, your memories just don't form yeah like that's part of it as well and also the just surrealness of it all so uh once we were through the first week and i actually left the building again you know i um i basically just slept in the office for that for that week and and you know occasionally from then onwards as well uh i ran into work to to and from work i was living in london at the time and the run was about 30 40 minutes but it involved going down tottenham court right i mean a run that you could never do normally, because it's just like tourist central.

24:44And, uh, clearly nobody was there. All of those big furniture shops along Tottenham Court Road all closed. And so, because it was all so surreal and so strange, and because you lost all of the normal markers that you have of the daily rhythm of life, you know, you weren't going to birthday parties or weddings or, you know, it just... it became this almost like infinite day for about six months. Yeah, that's quite a good way of putting it. I think a lot of people will sort of remember it. I'll tell you who I think did do amazing during that period were the supermarkets, right? I don't think they sort of have actually been given the credit that they almost deserve, right?

25:25A lot of folks on the NHS, of course, understandably, and so on. But the supermarkets, I just think like, boy, did they have to change their entire business models around. And they do employ, in Sainsbury's case, actually 200 ,000 people. They would have been bleeding cash like nobody's business in those couple of weeks, right? And there were lots of, all the way across the spectrum. So the big supermarkets and big supermarkets also became, so one of the worlds that I know is the theatre, And the big supermarkets became big employers for lots of actors and musicians. And there was a big supermarket at Sainsbury's in South London that basically had a massive show choir because everybody who worked there was a professional West End performer.

26:13But also at the village level, lots of little grocery shops and corner shops started doing deliveries. started, you know, so many people went above and beyond their kind of base commercial, um, requirement, uh, which is really uplifting. I mean, it was obviously very tiring for them, very tiring for everybody, but it's really sweet to see. There was definitely, and there was a sort of like national mission obviously happening in lots of countries as well, but it does feel like sort of five, six years on that we've lost a little bit of that, like in terms of the sort togetherness of it and so on right and people pretty annoyed with politicians etc like there's a lot of that kind of like kick back on it right i was thinking the other day i don't know it's so difficult because the pandemic was so rubbish and it doesn't have unlike a war there's not a kind of victory so it's you know the aim of of a pandemic uh not to put too fine a point on it it's basically to survive it, which is a sort of net neutral, right?

27:25The best case scenario is that you end up roughly where you were before. It's not like a war that you can win. It's just something that ends. And so whilst there were victories, like creating the vaccine at all and then rolling it out very quickly, which we did really well, it's hard now to think, you know, I think I think a lot of the, basically, price that we're paying, some economic and some not, things like school attendance rates, which are struggling still to recover, the number of people in out-of-work benefits, which rocketed during the pandemic and has never got back to where it was before.

28:08I think because it doesn't feel like, oh well at least we paid all of that money and spent all of that time to like win this war it was just to sort of keep going yeah it's it's hard to feel good about having to pay back all of that money that we spent on things like furlough yeah and so that does leave us in a sort of slightly tricky place emotionally i think yeah i think one of the big things as well on the political side is there's been this kind of cultural shift as well a bit of like government now must have the answers um and it's kind of this sort of like much big yeah basically we've ended up with a much bigger state at the end of it and it's like partly because it was so terrible for people like you were saying you almost don't want to go back and relive it but it's like we sort of have to remember that we did put the economy on hold for basically 18 months that cost quite a lot of money to do that and i just don't feel we're sort of having really a very honest conversation about like you know what government does because it just seems to be going stretching into all areas right and that's that's not a party political point as such right like i know we've got a labor government and so on but it is just that is something that just seems to be happening now is that there is this sort of default of well the government must be able to step in yeah and there's a there's a very common thing where uh government intervention is essentially a kind of ratchet system it only ever really goes up and it's very difficult for it to come down And so if you have something like the pandemic where...

29:41It sounds like a niche example, but if you take wedding venues and the wedding industry, the wedding industry, apart from the, like, ceremony licensing bit, which is related to the state, had almost no interaction with the government, basically, because it didn't need to. Like, why would you need to talk to the government if you are a wedding venue? But if nobody's allowed to get married because the government has banned weddings during a pandemic, then suddenly you do need to talk to someone And so what that means is, in all sorts of industries, that's just one example, a whole infrastructure was set up to lobby the government on behalf of industries that before had never even really thought about it.

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30:19And it was not dismantled when the pandemic ended. And so the list of things that the government was then expected to get involved with, and also the whole kind of infrastructure that was built to pressure the government to do so, would never have been created without it. And it is hard. I mean, I think it's fundamentally important to do it, but it is hard to wind all of that back. Yeah, completely. There'll be sort of a trade body, wedding venues, UK or whatever now. Sure. That's kind of set up and so on. Yeah, I think that's interesting. I just think it just needs to be a cultural shift at some point about conversations about what we actually want government to do.

31:00Because you can't do all these things, right? No. It's impossible. No organization, definitely not the state, but no organization, no private organization could do to any degree of quality the range of things that the government is attempting to do. and that is basically what we observe and until i think until the core functions of government like keeping people safe from criminals and uh maintaining the border are going well we just don't have the time the focus the capacity the money to do all of these other things we just don't and so i'm interested in that and then because you had what i consider like the best job in government right i did it for three years in terms of sort of leading business relations for the pm or certainly one of the most interesting you then didn't make the switch to go and do sort of home office stuff so what was the sort of path for that ah so i uh i left government for a while yeah i had to uh because of the rules i had to spend a chunk of time not working so that all of the things that i had seen whilst i was in government i couldn't even you know subconsciously use in whatever job I went on to.

32:16Because you were a faculty... Yeah, so I did a bit of consulting, and then I went to go and work for an AI company for a bit. And then I worked on Richie Cynat's leadership campaign. And then when he went into number 10, there was a question about... They were looking for somebody to go to the Home Office to do national security, basically. so counter-terrorism, MI5 oversight, serious organized crime, which necessitates a certain degree of security clearance, which I got when I was at Number 10, and also when I'd been at Number 10, they were working on the National Security and Investment Bill that became ACT, which was about the degree to which we allow foreign companies and foreign governments to purchase British businesses and infrastructure.

33:11And so I had a bit of a background in some of that. And so, yes, I went to the Home Office to do national security, which was, again, in a different way, sometimes terrifying and fascinating and very worthwhile. That must have been interesting, particularly on the companies bit and deciding what to do. Yeah. Because that is definitely in the sort of like post-globalization era that we're now in, has definitely been, has become a bigger and bigger thing, right? Partly post-pandemic as well, right? Yeah. And I think we were a bit naive about it. I think that there was a period of time where, broadly, the West essentially thought the closer you trade with somebody, the closer your economic relationship becomes, basically, the more they will become like you.

34:01And in some cases, that worked out. And in some cases, that has proven not to be true. And so we do have to be careful, especially in a sort of, uh, Internet of Things connected world, where I think it was the Swedish were saying recently, uh, that's definitely one of the Scandinavian countries, I think the Swedish, that their Chinese-built electric buses have kill switches in China. Yeah. So, you know, their whole, uh, electric bus based public transport system is vulnerable to Beijing essentially just allowing them to continue to operate it and whilst there are lots of countries around the world who might not share all of our views on everything they're still great trading partners but we have to still be realistic about our own interests and where those interests don't align Yeah.

35:01Can you give examples of what you sort of worked on there that sort of particularly demonstrate that? Well, when I was working on the investments bill, there was sort of two parallel tracks, basically. There was companies that would kind of critical infrastructure, essentially, in deciding what that would be. And, of course, in a technology and AI world, that definition changes. So I think there was a sense that it would have been better never to allow Google to buy DeepMind, for example, so that the UK could have its own AI champion. We're lucky, in a sense, that DeepMind has effectively insisted on staying in London, but it might not have done.

35:53You know, we could have, and I suppose we could still lose that company to the States, which would be a real shame given how far ahead of a lot of that revolution we were and could have been. and so some of it is about you know regardless of who the buyer is redefining what we see as critical infrastructure and building up some national champions or at least making sure that those national champions stay here and then some of it was more the sort of thing that I'm talking about of states that we might consider to be hostile actors or in some contexts, hostile actors, either not owning or either not owning the actual infrastructure or not owning the data, which is also important.

36:45Because if you, if, which is broadly the situation that we find ourselves in or are coming to find ourselves in, if all of your renewable energy infrastructure is built by the Chinese and they own all of the data on where it's being collected and where it's being used, that is a national security vulnerability. Do you think there is an argument that, take the case of DeepMind or something similar to that taking place today, that governments should take more ownership in companies like that? Direct ownership? It's so difficult because it is... Broadly, my instinct is, uh, no, because I don't think that government ownership improves companies.

37:35And there's pretty good evidence that it does the opposite. At the same time, if you are going to say certain companies can't be bought, then you are changing the incentives for founding companies here. and so you have to make sure that the conclusion isn't okay well you know if i can't build and sell a company in britain i'll build and sell it in france or i'll build and sell it in germany or in or i'll just go straight to the states and sort of cut out the middleman um so it there's no one clean answer it's quite a delicate one um if the government were to do that i think it would be really important to do it in a very hands-off way yeah because the one thing that i think is unquestionably true is that the government is not very good at managing these investments or indeed anything.

38:25So you could imagine a world where the government did that but we don't have much of an instinct or I think a natural tolerance in this country for picking winners because you have to have quite a high risk tolerance to do that. You have to accept that you're going to lose a lot So the Chinese do a vast amount of direct investment, but they accept that loads of those investments will fail, which any portfolio manager will tell you is always an option. But when that money is taxpayers' money, it hurts a lot more. Yeah. And it's difficult for politicians to defend. Generates a lot more newspaper headlines as well.

39:06Yeah. So, fast forward, you then become Member of Parliament. Why did you decide to do it? Why would I do this to myself? No. So many people ask me that. It's obviously, in some ways, it's funny, but it's also kind of sad how many people are, particularly when I was a candidate, I think, when I'd say to people, oh, I'm standing for Parliament. And you could just see them and think, why? Why? But the family that I grew up in, my grandmother was German. She came to the UK when she was 13. Her grandfather was a politician. He was a state senator in Saxony. And he was very left-wing guy, trade union guy.

39:50And he was fiercely anti-Nazi, very vocal critic of the Nazi party and of Hitler. And so when the Third Reich came to power in 33, All of the family was stripped of their citizenship. My grandmother and her parents escaped over the border to Czechoslovakia. Her grandparents were arrested and sort of held at various different points. He eventually jumped out of the window of his second floor prison cell, which I've been to see, it is very high off the ground, made it to Czechoslovakia with a broken ankle. They had a resistance radio station there broadcasting back over the border. They were raided by the SS in 1937.

40:29one of the operators was shot dead and then they came here. And then my grandfather's family, on the same side, so these are my father's parents, they were all... So my grandfather was Jewish, and his Dutch-Jewish family were all from Amsterdam, and barring a very small number, they were all murdered in Sobiboran and Auschwitz. So when I was a child, we were not cynical about politics. It was a very high, very fulfilling and also kind of exciting. There was this chase across the continent and there were good guys and there were bad guys. There was a fight for truth and light and freedom and goodness.

41:16And I just always found that very captivating. and so I had always been a bit interested in the idea of going into politics and then I think, and you will have your own view on this, I think being an advisor can make you go one of two ways. I think you either think, I am never doing that, that looks terrible or you think, I don't want to just offer advice and rightly so because advisors are not elected. People can think that advisors are very powerful, but all of the decisions are made by the principal, which is how it should be in a democracy. And so you can get to the point where you think, well, actually, I feel I've got something to offer in my own name, standing for my own constituents, rather than, you know, just notes on the papers that go into the box.

42:09It's very valuable work, but it's just a different type of thing. And so, having been an advisor for a while, I thought, no, I do, I do really want to do this. Yeah. No, I think that probably is very true, actually. Like, it does make people go one of two ways. And how did you find it? Because I definitely found a period of like... This is probably when we first met as well, really. Like, three or four months after leaving government, of where I was like, I got so used to kind of trying to, you know, sort of batter through the PM's agenda that I'd almost sort of forgotten what I thought about it and what I really cared about, right?

42:40And it was like, okay, blank sheet of paper now, time to sort of, like, work out what I kind of think again, as it were. um but how have you sort of found that transition from being advisor to now I mean I know you're not an executive but to sort of yeah stepping out to the front right well it was particularly difficult when I was at the same time an advisor and a candidate because as a candidate you're obviously speaking in your own name and as an advisor it's totally inappropriate to do that you know the yes Um, uh, the department, if that's, you know, number 10 or the Home Office and the civil service, should never know what your views are.

43:20They should just know what the views of the principal are that you are expressing. Um, so, uh, that was a slightly, um, strange period of time where I would have to kind of shut off and open different parts of my brain. And...

43:43I think because I had been an advisor for a while by then, it felt relatively natural to do. But, you know, particularly when I was standing to be selected, the whole purpose of that is to explain what you think, right? Because you're basically saying to these people, please trust my judgment to stand in your stead and make decisions on your behalf. And it is obviously impossible to run through every single scenario that you might ever face. So you have to just tell them what you think about things in general, and then they can decide whether that is the sort of person that they would want to represent them.

44:18And so you have to just get into that mindset of telling people what you really think. But I actually think that's difficult for almost everyone because it's quite unusual in lots of professions, not all, but in most professional contexts, what you tend to want to offer is a kind of, you know, a balance. Like all of the, these are all the arguments and this is my conclusion. Yeah. Rather than, well, I think this. Some people think that and that's, you know, that's a fair read, but that's not what I think. Uh, and so... Because I find that with people that I talk to who want to become candidates, is, uh, for all good reasons, you know, their natural instinct, if you say to them, well, what do you think about, uh...

45:11I don't know, net zero. Uh, they'll give a really balanced argument, and then, at the end, they might say, uh, you know, overall, I favor this side or that side. And in some respect, politicians are like professional opinion havers, so you can't really do that. You have to lead with what you think. Of course you can and you should know what the other views are on the debate and you can acknowledge those and you might talk about where you have some commonalities and where you disagree, but you have to have a perspective. Yes, completely. I think that's... It's interesting in how politics has changed, even in the kind of, like, 18 months that you've been elected, right?

45:53Like, it's... Well, A, I want to know how you found the job so far, but I would also be interested in how, you know, the world has shifted quite a bit in that 18 months, it feels as well. Yes, it's how I found the job so far. I mean, it is very intense. I was saying earlier how intense it was to work in number 10, particularly during the pandemic. It's more intense than anything that I've ever done because it's you, right? So it's very difficult. Sorry, go on. Well, more intense than sort of Goldman Sachs number 10 of the pandemic. Yes, because it's so much more personal. And it's also... The management and delegation style is very different.

46:32So if you're running a team in a business, part of becoming a good manager is understanding that the people who work for you might do things in a different way from you. And as long as the result for the team is the right result, then that doesn't matter. Running your parliamentary team, if you're an MP, is different because everybody is an extension of you. And so, you know, without being a sort of terrible micro manager, you have to explain to people your style because everybody who interacts with the team, particularly my constituents, you need to feel like they've interacted with, well, in lots of cases they have interacted with me, but where they've interacted with the team, where they've still interacted with kind of my energy, if you like, or atmosphere.

47:19And so it's a very different way of managing. And it's much more personally tiring, not least because you have to decide what that style is. You have to be much more self-conscious than you would be just like managing a team in a big corporate. How have you found recruiting as an MP for that? It's challenging, not least because I think members of parliament are really babied when it comes to the decisions that they can make. So the budget for the office of a member of parliament, who each MP, particularly in our modern digital information sharing world, needs to have quite a few members of staff to speak in parliament, to manage their work in the constituency, to stay on top of campaigns, to pick up the phone to constituents because obviously you're almost never able to do that yourself in the moment.

48:19Yeah. And the rules around whom you can hire are incredibly restrictive. So the whole budget is in the order of magnitude of about£250 ,000. Yeah. But I'm not allowed to say, okay, I'm going to hire two people and I'm going to work them to the bone and pay them£100 ,000 a piece. have to hire within very strict pay bands and very specific job descriptions. So if I wanted somebody half to do sort of local media management, so like sending out press releases to my local papers and talking to my local radio stations and things like that, and half to do casework, picking up the phone to constituents, and at least in theory, I would have to offer them two different part-time contracts, uh, on different salary levels.

49:10I mean, it's all incredibly bureaucratic, uh, which makes, to your question, which makes the recruitment process quite difficult. Yeah. Because you're not really in charge of your own incentives. And what, what's the ceiling for what you can pay somebody now? I'm... Uh, I think, God, you're testing me. I think the highest salary for an out of London MP, which I am, is it's the level three pay band for uh i think it's either your office manager or your like most senior researcher and it's about 60 000 pounds yeah okay so it's i mean it's it's it's definitely not nothing uh at all these are these are very reasonable salaries um there's just no um there's no leeway you know if you wanted to if if you found somebody who was perfect for the job who was currently on 65 you cannot offer them 70 so incentivize them to come to you you can't do it even if they're really experienced or it doesn't matter that's interesting so what rules do you have people doing because that's interesting you're talking when you were like oh i've got liaising with local press etc because surely now the digital side is almost as big if not Yes, it's massive.

50:24Bigger than that. Yeah. So, um, there's all the classic roles that you would find everywhere. So HR and finance, uh, managing the budget and costs. Uh, I have somebody who my constituency team is half in the constituency and, uh, half in Westminster because I need my direct casework. So if you write to me with a personal issue, so say your child hasn't got into their first choice of school and you think that in this case it would be the county council hasn't processed that properly, members of parliament have effectively become the kind of public sector ombudsman. So if something goes wrong with the public sector, you know, your final port of call, if you've been through all of the classic complaints channels, all of which tend to be incredibly slow, is your MP.

51:24And so I have a lovely woman who works for me, who works in Kent, doing that side of things directly with constituents. And then I have a lovely guy who works for me in London, doing the sort of Westminster advocacy side of that, because it's both trying to resolve the issue locally and then where this is relevant and it often is trying to explain to the government what the problem might be centrally that they might need to solve. So I think it's interesting that because that is as always you have a much better way of putting it the public sector on this button because I have often talked about MP being basically a router for around government for people including local different levels local government as well right like people don't necessarily realize who's responsible for that and actually the MP just ends up being the okay well this is what you know the kind of like explainer of it all and I did wonder how AI might change that over the next sort of 10 to 15 years or so because already he's quite good at that stuff actually yeah and it's particularly which again one might hope technology could help with it's particularly where cases fall between the So, um, it's fairly rare in what I do that you would get a proper emergency, not least because, uh, it really should, something urgent really should be dealt with by somebody else, you know, there should be a frontline service.

52:52But sometimes it happens that, I don't know, somebody is in, uh, supported housing for, uh, because they have been, recovering from a severe mental health episode. And they're due to be discharged from that housing, which is run by the NHS, into general social housing, which is run by their local authority. But the general social housing is infested with rats, so that place isn't available. But their place, the place that they're currently living, has already been given to somebody else. and they've sort of fallen between the different authorities that are supposed to be handing this person between them to take care of them.

53:40And so you would hope that as our technology gets better and better, and particularly, I think, where I hope and believe that AI will be really valuable is in connecting systems together. You know, one of the problems, and this is not an exclusively government thing. you see this in all sorts of businesses, particularly big businesses, where they have a bunch of internal systems, all of which were built at different times by different people. And then they've had add-ons added by different people. And, you know, there's a there's huge value in stitching those things together. And I think AI will be able to do that in a sophisticated way that is very hard to build through conventional software.

54:24Completely. Yeah, I think that's really it's interesting. And how have you found it being an MP in such a small kind of intake as well? What's that been like? Because already you're on the front bench, etc. There's already quite a lot of pressure to do stuff and just fill various things. There's a huge amount of work involved in opposition, which I hadn't fully appreciated before. so I had worked in government but I'd never worked in Parliament and there's lots of bill committees things called statutory instruments which are pieces of legislation that need to be passed that don't rise to the level of primary legislation which is what we debate in the chamber of the House of Commons and the House of Lords they can just be sort of individual committees every major bill that is passed has a bill committee so there'll be several hours of debate multiple times a day on a tuesday and a thursday usually and there's also westminster hall which is a second chamber in in the house of commons where members of parliament can bring debates on topics of their choice and it's also where petitions debates are responded to by the government and by the opposition.

55:46So there's just a lot to do in any given day. And there's 119 Conservative MPs, which is sort of historically small. And so there's just a lot of work to go around, not a particularly long list of people. And in lots of ways, there's opportunity in that. And it's exciting. And you get to have a go at doing things probably earlier in your career that would have been unimaginable to the 2019 Conservative MP intake or the 2015 or 2010 intake.

56:22But it's just a lot. It's just a lot to do, a lot to get your head around. And it is quite nice that we all know one another. I think that's quite a nice side to it being a relatively small parliamentary party. It's quite a sort of close-knit one in that sense. And how do you sort of pick what you're wanting to focus on? Because I've been struck by you've been kind of popping up in sort of similar areas to where I've got interest in whatever, right? So that's why you end up being kind of on my radar. But you did like the Smart Thinking Awards. Yeah. You were a judge on that. You're doing lots of stuff with the Looking for Growth guys.

56:56Like, how do you decide, like, you know, you've already talked about the amount of work you've got constituency-wise, bill committees, etc. But how do you decide, okay, well, this is what sort of I'm interested in and this is what I want to pursue? it's a really good question I don't know that I have yet necessarily kind of got to the bottom of got to the bottom of that not least because there's a lot which which I am also interested in that I have to do in my shadow home office brief you know that has to be covered and as I say I'm very happy to cover but there are again I think by virtue of it being such a small group of people um you get asked to do quite a lot of things you know you can fill your day three or four or five times over and i try to within that choose the things to do where i think i have a perspective or i have something to offer uh that somebody else might not and And because there are lots of incredibly worthwhile causes and campaigns and areas that people are interested in.

58:08I mean, the challenge of what I do is not finding something worthwhile. It's choosing between lots of really worthwhile things. And I read an article once about time management that said it's really easy when it comes to time management to think that it's just about saying no to things that you don't want to do. It's actually about saying no to things that you do want to do. and deciding what those things are. I think there's a, I want to say it's a Warren Buffett anecdote, although that feels like a bit of a cliche, but he got somebody that he was mentoring to write down, I think it was the five things that he was really, really interested in, and then the next 15 things that he was also interested in.

58:48And he said the danger comes from those 15 things, because those are the things that are going to catch your eye, and you're going to want to get involved with. but if you're ever going to do these five, you've got to say no to these 15. And it's really hard. There are lots of areas that I would like to get more involved with that I haven't been able to. But I try to, when things cross my desk, like Looking for Growth, who I think are a really, really great group and are making, it's a combination of do I think that this is making a point that isn't being made somewhere else that needs to be made where I have something personally to contribute and I just do my best to apply that test but it's not perfect that's quite a good way of doing it though right because it is you know to take the example of wedding venues UK or whatever right like yeah they'll come say you know we'd love you to be our champion and whatever and you know your instincts is yeah these people are quite entrepreneurial sort of doing it and so on but like you say like what's the the sort of need for it and so on and I think it is difficult But what are those sort of five things then?

59:55Well, I have a very agricultural, rural constituency. And I think, which I say is a politically neutral point. It's just an observation. We have a very urban government, a very urban cabinet. And I think that the countryside needs a champion and it needs a voice. And so I try and do that. And that's in all sorts of areas. Farming is one and is an obvious one. but it's also things like the rural economy is much more flexible and part-time so if you take something like the national insurance changes employers national insurance contributions the rate going up is bad but the threshold being lowered is killer because i have loads of businesses if you take something like a nursery in one of the villages in my constituency lots of the people who work there mostly they're not exclusively women work part-time either also around their family commitments or it might be around another job they might also work a shift at the post office or at the pub or whatever it might be and so i have people managing nurseries whose national insurance contributions bill because this threshold has been lowered everybody who used to work for them basically wasn't caught by national insurance employer contributions at all because they just weren't earning enough money but once the threshold was put down almost all of them are so their bills have gone from essentially nothing to thousands of pounds a month that they basically don't have.

1:01:19They just don't have that margin to spare. So it's things like that in terms of advocating for and championing the countryside that I think are really important. I am really focused on growth is sort of, kind of everybody says that now, but I think that there is a you know if if for a person like me in their mid-30s the british economy has effectively stalled for all of your adult life right like on a on a gdp per person basis and if you look at average rate average wages adjusted for inflation we are no wealthier than we were in 2007 i don't think that that can go on i don't think that that's sustainable and for for 200 years in this country basically since the industrial revolution every generation had come to see economic growth basically as a birthright and that growth is still unknown to our generation and if we carry on like this it will remain unknown to the next generation too so I think that there is I was reading something recently that put it very well that the world in some ways is split into people who got their lives and finances and particularly house purchases in order by 2007, 2008, and those of us who came later and weren't able to do that.

1:02:48And I think that our generation needs to be heard on these things. There has to be, and for me, that is an obviously conservative offering about aspiration and hope and the idea that the future is better than the present. And then there are obviously all my home office brief and several other things. I mean, we should get you back at some point and do the whole thing on growth because it's just such a sort of prominent thing. But how much of it do you think is to do with sort of quantitative easing that took place on the back of the financial crash and the pandemic, right? Because I feel that has inflated asset prices to such a degree now that the generation coming through just do not sort of aspire to that because it's just so far out of reach.

1:03:37It's definitely a factor and it exacerbates that split, right? Yes. In terms of the people who have assets and people who don't. And of course, there are lots of nuances and subtleties within this. and you can be asset rich and not have a lot of cash flow. And there are, I'm not for a moment suggesting that if you are in the generation above us, then definitely your life will be happy and rosy and everything will be fine. But there's no question that the programme of quantitative easing, which because of how the Bank of England is structured, has no democratic mandate. really I mean nobody ever voted for quantitative easing and certainly nobody ever voted for it to go on that long and and and it produced that combined with uh such low interest rates I mean basically free money for such a long period of time produced quite perverse results you know for a period this this is over now or finishing as people's mortgages um uh come to an end people's mortgage rates come to an end.

1:04:51But for a period of time, it was so much cheaper to pay a mortgage than to rent. And people felt instinctively, and obviously this has a generational element, that that was really unfair. And you can see why. If you could put together a deposit, you could basically cut your housing expenditure in half. That's not true now, because of where interest rates are now, but quantitative easing produced a lot of, like lots of things, you can see why they did it maybe to begin with or for a while, but a lot of its results have damaged the economy. Yeah, yeah. And have damaged the sense of, have damaged our sense of aspiration.

1:05:38Yeah, and that's what I feel is that people can't they can't see a way forward and the sort of social contract has been somewhat broken with that in terms of like you know work hard get a good job you know also what's been is party degrees and whether they have been as worthwhile in the last 15 years in certain subjects as well and obviously people have loaded up on debt for a lot of them as well and I just think you know I do look at some people and think yeah like I can see why you think the system does work for you yeah it's I mean you there's also all sorts of small subtle things so because of how our planning system works and because we have built and I mean particularly in the last decade or so decade and a half decade and a bit so few houses in London it's also now very difficult to live near where you work now that sounds like a sort of normal thing that we've now all come to accept but it really chips away at the fabric of how you exist because if you work in one place and you live in another place and those two places are an hour apart and of course this has accelerated with working from home because people have thought you know what i can accept a long commute three days a week in a way that i would not have been able to accept it five days a week how can you be in a choir that rehearses on a thursday and performs at the weekend how can you be in a five-a-side football team that does training on a wednesday but plays on a saturday you know all of these little bits of life become a lot more difficult and that mutual society that was was and is such a big part of how britain thrives is really challenged by the planning system, which sounds kind of mad, but it's true.

1:07:39And so if you can't see a world in which you can buy a home in which you could have children and raise a family that is close enough to your work that you can also be a kind of full participant in your community, that's really sad. It's really depressing. completely um completely agree on that in terms of last sort of thing on being an mp and the last 18 months and so on you have become somewhat of a leading light and people are talking about you a lot i know i knew you were going to flinch when i sort of brought this up but like how how does that sort of how does that add to the pressure and you may say oh well that's not true and whatever but i can say that you know you've sort of been quoted by both dominic cummings and george osborne as a leading light and I think the Venn diagram of people that those two rates together is like quite a thin one.

1:08:33It goes back in lots of ways to the question that you were asking about how few of us there are I mean the and and I suppose to some of what you was what we were saying about the media news the clue is in the name likes novelty and so I think it is the media like to kind of alight on something or somebody that is new that they can talk about and because there's such a small group of us and because there's therefore lots of work to do and there are fewer people to send out onto the media or to send out to do this or do that I have been able to do which is in lots of ways great like I was saying earlier you know a lot more than in any other intake I might have done at this point in my career.

1:09:26But it's all... None of it really means anything. It's all just kind of chat. And so the best that you can, you basically have to ignore it. But it does sort of matter in Westminster as well, right? Like, I agree with you. And I think we're quite similar in terms of like thinking about what actually sort of like matters. Right. And Westminster does get way over kind of indexed on who's up, who's down, the narrative, etc. And I think it's a good point that you make that they're a bit sort of bored of. Well, the government has done so badly in its first 18 months and they're a bit bored of the kind of reform rise potentially and so on.

1:10:12So they're kind of like trying to find a new part. but this sort of narrative stuff does matter a bit. It does, but I think it's also...

1:10:27You can't be... What's the word? You can't be naive of it or naive about it or completely ignorant of it, but you also can't control it and can't put too much thought by it. So, you know, the best that I can, I basically just try and do my job. very good answer right well we've got we've got some more sort of fun uh sort of kind of quick fires levity questions to finish with right okay so this is when you ask me what my favorite book is and i forget the title of every single book that's ever yeah yeah exactly we can we can edit

1:11:05um what was what was the first thing you did for money i had a paper round oh did you i've had a job at the earliest legal opportunity to have a job throughout my entire life. So when I was 13, I had a paper round. I delivered a local paper in Guildford, where I grew up, that doesn't exist anymore. And some weeks there were leaflets, which was great because you got a bonus, which was between like one and two pounds. You had to put all of the leaflets inside the papers before you delivered them. And I did that from 13 to 16. And then I worked in a shop. I worked in, there was a big dual branch of monsoon accessorize in Guildford and I went there.

1:11:45That's quite cool. Oh, it was great. I loved it. I absolutely loved it. And I did it every Saturday. I had the 10 till 7 shift. Yeah. Shop closed at 6 and then you did clear up which was my favourite bit and like detangling all the necklaces and stuff. Very satisfying. So yes, the very first thing that I did for money was I had a paper round. That's interesting because I often think that's a Gen X thing right? So like Gen X did newspaper rounds. Millennials like us did hospitality yeah generally yeah is often the first thing and gen z now what i think is one of the interesting sort of generational shifts is they earn money online probably yeah um doing something which hopefully leads them being more entrepreneurial um what was who's impressed you from the opposition in the new intake like who's kind of caught your eye uh well i've i've got um There's a few people that I have met.

1:12:39There's a lovely MP in Northampton called Mike who does a lot of advocating around infrastructure, which I think is very important. Chris Curtis also does some of the Looking for Growth stuff that I do, which I think is great, and the Labour Growth Group, I think not always, but I support some of the stuff that they advocate for. there is what can be really nice about parliament particularly across the aisle is you get to know people who have similar issues or challenges so there's a new MP called Josh Simons who has had in his constituency a massive kind of industrial waste organised crime dumping which I've also had in my constituency it's terrible you know you're talking tens of thousands of tonnes of semi-processed rubbish basically and just like leeches into the soil, it's awful so he and I have been working on that together So who's doing that?

1:13:38What is that? It is serious organised crime being paid in theory to take your rubbish away, so they might run like a dodgy skip company or something and then rather than take that money to pay for it to be disposed of in the way that all of the rest of us would have to. They, in my constituency, it's a semi-agent bluebell wood near a gorgeous village called Bethesden. They have felled a load of trees and just dumped 30 ,000 tonnes of waste. In some places, it's like four metres high. And it's all semi-processed, so it's not like you could pick up a plastic bottle. It's all like tiny cut-up bits of plastic.

1:14:24Oh, right. It's a nightmare. Gosh. Yeah. Terrible. Yeah. Okay, that's interesting. We didn't know that was going on. What was your first car? I learned to drive on my parents bought, my dad bought under the scrappage scheme the only new car that he's ever bought and ever will buy, which was a Hyundai i30. I don't know a lot about cars. which so my mum wanted an automatic and they bought a manual car explicitly for me to learn to drive because at the time they were buying it I was 17 and I didn't bother to learn to drive until I was 25 so sorry to my mum but that was the first car that I rode What car do you have now?

1:15:18I drive a Mini Mini Cooper Not the electric one? No, it's a bit older than that it's an internal combustion mini favourite biscuit? the one that trips all politicians up? I actually love making biscuits I've got a big thing about biscuits ice biscuits do you? yeah I do I'll show you some pictures I love a bourbon but I also just love a nice biscuit and a sort of rich tea I'm quite a biscuit purist I think yeah yeah the traditional sort of yeah yeah yeah if it doesn't come in a multi-pack from M &S then I'm not interested We also haven't actually talked about it, which I did mean to do, but you're sort of sidelining theatre production as well.

1:16:02Yes. How did that... Yeah, we can do that another time. Like, I'm fascinated, but you've clearly got a creative outlet. Yeah. Which cabinet minister would you most like to cook you dinner? Ooh.

1:16:21Just I think, which of them might be a good cook? Exactly. who do you think I feel like Wes Streets he might have some skills in the kitchen yeah yeah he could do sort of curry or something I don't know why I particularly think he'd do a curry I feel like he'd do like a nice like a sea bass fillet or something with like a nice like gingery sauce that's what that's what I'm picturing it's amazing how specific the wine gets isn't it yeah which shadow cabinet minister would get furthest on Bake Off do you think Andrew Griffith is very driven and very detail orientated. I think that he'd be very...

1:17:00You could imagine him being very calm under pressure. I think he'd be very good. Classic CFO. Yeah, absolutely. The bakes would be executed to technical perfection. To cram. Yeah, he'd do very well in that middle challenge where you have to do the technical thing that none of them have heard of before. Yeah, I think that's a good one. Which member of the cabinet would get first on The Apprentice? God, I mean, maybe none of them. I mean, I'm not super party tribal. I'm obviously not a member of the Labour Party, but I do want the government to succeed because I live here. But I don't think that entrepreneurialism is their strong point.

1:17:46No. Well, I asked Keir Starmer that when he did the show, and he was like, oh, well, the business secretary, Jonathan Reynolds. And I was like, okay, fine. Then six weeks later, we made him chief whip. yeah yeah he's really good at that that's really his thing yeah um fantastic what would you like if we sat here in 20 years time what would you sort of like to have done what would you like to have been known for in your parliamentary career my hope for the country in general in 20 years time is that it feels like a place where the future is going to be better than the present and the past and I'm not sure that that's where we are now and I think for for a country for a group of people for a society to succeed that's what you have to believe in it's a very interesting answer we will definitely get you back to talk about that in the intervening 20 years thank you very much it's been brilliant I've loved having you on I knew it'd be oh my pleasure it's been great thank you so much

1:18:56What is that? Oh, yeah, it's a World Cup holder. Like the soccer tournament World Cup holder for the world. Fits every car, holds every cup. It has a Carvana logo. Carvana made it. They buy and sell cars, so they made a car cup holder. So, uh, got any good cups lately? I used to. I just couldn't figure out where in the world to put them. The World Cup holder. Brought to you by Carvana. Proud sponsors of the World Cup. Cup Holder. Sign up today to win yours at cup-holder2026.com. Not authorized or endorsed by FIFA. Not a real product. For parody and fair use purposes only.

From the publisher

The Future of Politics: Katie Lam’s Journey from Cambridge to No.10

Katie Lam MP joins Jimmy to unpack her remarkable path from teaching herself Latin and Greek at a comprehensive school, to studying Classics at Cambridge, to analysing billion-pound companies at Goldman Sachs - and finally into the heart of political power.

She reveals what really happens inside No.10 during a national crisis, how AI is reshaping high-finance roles like equity research, and why becoming an MP is far more intense than working in government. Katie also reflects on the lasting impact of the pandemic, the expanding expectations placed on the state, and how national security, tech, and politics now collide.

A fast, smart conversation about ambition, public service, and the future of work in Britain.

00:00 Intro

01:10 Cambridge, Latin, Greek & Why Classics Still Matter

03:45 Breaking Into Goldman Sachs

05:39 Life in Equity Research

09:04 How AI Will Transform Finance

17:27 Entering Politics & Becoming a SpAd

20:35 Inside No.10 During the Pandemic

23:58 The Surreal Reality of Lockdown

24:26 Supermarkets: The Unsung Heroes

25:04 Theatre to Trolleys: Unexpected Crossovers

25:54 The Pandemic’s Lasting Effects

27:48 The New, Bigger Role of Government

31:40 National Security & Tech

36:17 Should Government Ever Own Companies?

38:18 From Advisor to MP

42:09 What Being an MP Is Really Like

49:50 Casework, Constituents & AI’s Future Role

**********

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Credits:

Host / Exec Producer: Jimmy McLoughlin OBE

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