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The Future of Finance | Full Panel Discussion | Oxford Union

14 518 views | 26 Jul. 2020

24th February,

24th February, 2020.

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Over the past decade, the financial industry has had to reform extensively in order to answer its critics and to serve society more efficiently. However, given the rise of financial technology, the impacts of heightened regulation, and the ever-changing geopolitical scene, the upcoming decade could be one of even greater transformation. The financial sector will need to respond to the increasing pressures to address issues such as the climate crisis and rising inequality. How will finance embrace the opportunities and adapt to the challenges presented by the upcoming decade, to shape the world in years to come?


Gillian Tett: U.S. Managing Editor and Markets and Finance Columnist at the Financial Times.

Cristina Alba-Ochoa: Chief Financial Officer at OakNorth Bank, a UK bank providing business and property loans to small and medium-sized companies.

John Hourican: CEO of NewDay, one of the UK’s largest credit card issuers, and former CEO of Bank of Cyprus.

ABOUT THE OXFORD UNION SOCIETY: The Oxford Union is the world's most prestigious debating society, with an unparalleled reputation for bringing international guests and speakers to Oxford. Since 1823, the Union has been promoting debate and discussion not just in Oxford University, but across the globe.

Michael Blair

An extraordinary event - three very competent finance experts all nodding at the suggestion that "climate change'" is a real concern and that the finance system is over leveraged. Outright madness that does not end well. Over leverage is real. The pretense that CO2 is capable of causing climate change originated in recent history by Maurice Strong and the Club of Rome coming to the conclusion that a global climate scare was the best chance to rally support for a new socialist world order (regardless of whether the science was robust or phony). Now countries like the U.K., Germany, France, Canada, and, a host of others are spending billions to build solar farms and wind farms oblivious to the inescapable fact that these sources of electricity generation are unreliable and costly, while other countries in Asia like China and India are building more coal fired generation capacity than exists in the rest of the world combined, and the United States under Donald Trump believes (correctly in my opinion) that the climate scare is a scam driven by leftists to promote global socialism. The implication of this conundrum for Finance executives is clear if unpleasant. There are inevitable outcomes. First, India and China will enjoy a competitive advantage in energy costs and reliability giving their already burgeoning manufacturing sector permanent advantages over the Western democracies. Second, Western democracies who embrace policies as insane as the Democratic led "Green New Deal" will suffer even greater financial leverage; lower economic growth; and, higher unemployment as they direct already strained sovereign budgets towards "green" investments that offer no unsubsidized return and accelerate the demand for additional electric generation capacity to meet their enforced goals of greater EV usage. The breaking point will come when investors worldwide abandon the U.S. dollar and American sovereign bonds that offer no real return and the banking system chock full of weak sovereign paper comes unglued. In my opinion, that will happen within the first term of Joe Biden if he is elected and heads pell-mell into the abyss of an attack on fossil fuels in parallel with uneconomical investment in so-called "renewables" with the immediate effect of decimating the millions of jobs provided by the burgeoning shale oil and gas industry and its salutary effect on balance of payments, forcing the United States to rely increasingly on foreign funding of its growing debt. Hang on to your hats, it will be a ride. For those who think I am a "climate denier" they are dead right. The combustion of all fossil fuels known to exist on Earth overnight could not create enough CO2 to materially affect global temperature on anyone's theory even if all that CO2 found its way into atmosphere, and the evidence of any "warming" is belied by the hard data on every reporting station on Earth that has any long history when the raw data is inspected rather than the intentionally misleading "anomaly" data relied on by the AGW cult which, even if accepted, shows less than 1 deg. C of "warming" over a century where the error of measurement exceeds 1 degree and the error term of the "anomaly" calculation has a standard deviation a multiple of the alleged "warming".

tonny sialo

Climate finance is an area that should be explored before quantum computing can be commercialized

Adriaan Berger

Finance people waffling about things they know in a concepts they don't grasp the beginning of. I.e. quantum computing, which has only limited applications to the actual market. It won't make your phone faster. It will, on the other hand, crack almost all of our digital security systems.

Lambo Lapdog


kerry A

This is what I love about uk ppl are not simply judged by their ethnicity their abilities and capabilities counted more respect for the equality systems?

Moataz Harb

Banks fucked up the world and cause crises, they try to clean it. When is the next crisis: when they come up with another greedy way to make money out of thin air, fuck up the world again, apologise and say they learned the lessons and try to impose new regulations. And on and on .... .
Those greedy c**ts targe people with ads and loans they they act surprised when they default on their loans!!. They know the first time one walks through their doors if he/she is going to be able to pay off the loan or is going to default!. High interest for loans means basically that they think you're going to fuck the money up and default on your loans so they try to get as much in interest now as they can to lower their future loss :).

Money has become just a number detached from its core value!!

Shaheena Karbanee


xafsa shirdoon

It's good dedication and guidelines to hant business keep going

smith mark

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Alex McKenzie

John was great

Azahar Mahmud

I agreed


These people's livelihoods depend on financial inefficiencies and exploitation. That's what all the gibberish seeks to hide.

They want it to sound technological, mathematical, and scientific, but it's really just deception, gambling, and racketeering.

Robert Young

I believe this discussion occurred before the pandemic lockdown. Hold on to your hat. we are facing a rough ride that we haven't experienced during our lifetimes.

Scott Graham

CO2 taxes is what the corporate elites really want, along with a New World Order controlled by international (UN Agenda 21) centralized socialist political, social and economic systems. As the powers that be can now control the global weather through geoengineering and HAARP, to include the release of viruses to manipulate economies through world pandemics and manipulation of world central banks flow of money, a major change in accounting rules that will permit a gradual depreciation of assets based on deregulation, coupled with a shift from the value of money based on a new standard that steers away from digital cryptocurrency systems but is based on the human capital value based on average lifetime potential for earnings might keep us away from contrived carbon taxes based on human engineered climate change, default or revolutions. There is also the problem of the rise of the machine with new technologies that will take over manual labor tasks that will require retraining of humans to support new services and industries. Growth must slow down to allow time for humans to catch up with the rate of change and a focus on the mutual good (with monetary or other valued credit for such behavior) rather than the drive for immediate money attainment and control of groups through power manipulation.

Roy Wessbecher

"The Future of Finance" without mentioning Bitcoin and crypto-based Fintech?
We know the system is broken. Reboot money (to start), take out the banksters, then work on the structure of society and government.
Hard money as a simple tool, not a fiat-based power-entrenchment mechanism.
Will it be a hard slog? Yes, but what's the alternative?

steve mitz

You can't have "faith" in a Godless corrupted fake [fiat] money scam! Unless you are Lib school brainwashed & dumb-down educated! USA's "Creator" inspired founders knew this and only allowed silver & gold, now our masters have all the gold we fools get paper bank notes! Like Duh.

Alfred De Souza

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@22:00: Ms. Tett sounds naive or ignorant. ESG is all green-washing. Nobody who knows anything about it thinks it's anything else.

ESG indicators are almost exclusively about assessing ESG threats to a company, not from it. So, by the lights of ESG, an oil company is far better served to reduce the likelihood of climate-related regulatory controls (i.e., threat from CC) than to reduce emissions (threat from company).

Of course, the social and governance indicators are even more rudimentary and laughable than are the environmental indicators.

Moreover, most ESG indicators are very basic screens that aren't even standardized, and reporting is unreliable.

It is all garbage meant to earn a price premium from investors hoping to buy off their consciences while continuing to enrich themselves by exploiting people and resources.

I guess this is the quality of financial analysis one gets from an anthropologist.


I wonder why lisps are so common in England (e.g., Ms. Tett).

Charlotte Bingham

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Alfred De Souza

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Dylan Fowler

DeFi is the way forward.

L.j CR7 Domach

Great discussion

obaid qadri

It was a good discussion, I think it cleared confusion regarding UK and US economy. Both can't be compared. It also clearly explained why small or micro banking sector has no future.

Ross Ringrose

27:15 - how should we show assets on balance sheets if they are not held and fair value and reviewed regularly for impairment. Are you familiar with IFRS 13?

Isiah Masibango

enlightening discussion though panel did not consider the worrying slow pace in financial inclusion as concrete solutions need to be devised for marginalised communities

E Tr

I have a remark. Tech revolution, AI, and all these "fancy" words/developments will only bring more problems. I mean, where all the people are going to work? All this tech revolution is simply a project of a human replacement and cost minimization for capitalists. A robot doesn't need insurance, pay leave, etc. But this tech revolution will only bring closer and quicker the real REVOLUTION that is coming and is inevitable.


I like John. Concrete, practical experience. Knows his debits and credits.

Amul Maharjan

Wow... Things are pretty eeffed up ay... I am an optimist but have always been bad at finance... hope things get better anyways... Have left everything and now m a guide in Nepal for Everest base camp treks... So if anyone's interested come over and let's chill amongst the mighty mountains ?

Dead Talk Live

Good clip ♥♥♥! As a current YouTuber, I am contantly searching for new ideas! Excellent Job!

W Cole

Good information on finance!

hill poll

"dare I say it, a pandemic"

Yes. You should definitely say it.

Chrissy Archer

The more I watch about finance, the more I realise I don't understand finance.

Maung Kyaw


James McRoy

The rich stay rich by spending like the poor and investing without stopping then the poor stay poor by spending like the rich yet not investing like the rich

Prakhar Agarwal

Really good discussion. I agree to most of the points Gillian made about Finance from a social science perspective. Cristina's views were really wide and eye opening and John was really practical sharing his insights based on his prior experience. Would love to see more :)

Union finance

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Union Budget 2020-21: Post-Budget Conference by Union Finance Minister Nirmala Sitharaman

59 763 views | 1 Feb. 2020

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#Budget #budget2020

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vijay singhania

Define Honest Tax payer? Tax payers at times face financial crisis due to so many external or extra ordinary circumstances due to which the liabilities remain, what about such people. Tax authorities use discretionary power and derieve a value which is beyound reach, what abt them. Even amnesty schemes wont help. Practical hardships

true legend

Angrej chale gaye unke "gandi language and kale angrej "ko chhodkar gaye hamre pass ,hindi me bolona

Hollywood in purulia hitz

Dalits, gorib, yeh hai bugged Hamra ?

vijay singhania

As for stock markets today leaving all stranded thanks to the ordinary budget which lacks a vision of the trumpheted 5trillion dollar economy. Now she will be seen for more 3months every sat or friday where all things will be reversed. Such bad bleeding of share mkt reflects how bad the mkt is confused or has outright rejected the government budget


Country can Bank on many indains rather than few Indians :

vijay singhania

What more money are you allowing, bullshit. All bullshit. How can be such a lie be so profoundly be credited. Real estate sector as questioned already mentioned it by tweet to Modiji and FM. God knows where are these guys heading


Jaisa Mam ne kha tha....share market me bahut shi starting huyi week ki....

true legend

Ham sochte Hain ki Jo English bolega, bo knowledgeable person hai ,aur jo English nenhi bolega usko to kuchhu atahi nanhi

Kritiparna Debnath

1. Relaxation in taxation
2. Scheme of retirement benefits
3. Educational benefits with scholarship scheme
4. Loans benefit from real state budget scheme
5. Allocating budget for Indian air force ,navy ,army
6. Taxation for abroad Indians
7. 3.8 to 3.5 fiscal deposit target
8. Bibad se Biswas scheme
9. Taxation in case of charitable donation
10. Budget allocation in food sector and pm-kisan scheme
11. Employments for youth in India.
12. Krishi udan scheme

Blazing Centaur

Thank you so much for decreasing income tax slab rates. It's really beneficial for middle class families like ours.

Abhinav jauhar

Bakwaas budget h. What about jobsssssss.

Ravi Gaikwad

Thank you.


2.10 lakh Crores disinvestment for 2020-2021 and i am sure they will make it this year :

Srivas Rajagopalan


Roy Abhisikta

Best Budget in this year ?

Bha Ratha

Please make Dr Swami Finance Minister for once ?

Neeraj H. Sahani

#Thank you mam..

Thirunavukk Arasu

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Manickavasakan Sambasivam

Ji,This is a Best Budget

Dr.Nandish Purli

Defense budget guarded


This was a budget for young Indians who has a potential to “ THINK BIG” and Govt has a challenges of GDP coming down despite that they have taken this kind statements :????????


We are happy GOVT trusts “ HONEST TAX PAYERS “ and words from FM ??????


33:24 the hindu news question regarding rural development

piyush pant

Thank you PIB

vijay singhania

Modiji is surely not a person who understands economy. This is now evident in 6years. Though transparency is there, but all is backfiring. God knows how or what tax is reduced. Ppl appreciating the tax rates first get the details abt what tax exemptions are given in the new tax regime, then compare the same.

Fit & Fab

#NirmalaSitaram kya Budget pesh kiya hai mam hum sadharan logoka accha khasha loss hogaya aaj aaplogoke Budget k wajashey , sadharan garib log thoda paysha bhi share market me lagata hai to aaplog unmeshey jyada katlete ho , kya fayda Share Market me paysha lagake ??? Share Market me sirf Amir paysha nahi lagata hai mam , this is not fair mam ... ?

Dhanjay Mishra

Budget shows that there is power in violence

Yegappan Rm

Better budget than all the recent ones.She proves a lady can perform better. Savings would improve because the guarantee is increased to 5 lakhs. Corruption at state level ,Corporation level should be vanished. Contractors pay by loosing their profit in getting their payments. It is pathetic and the quality of work detoriates.Political parties income increased by leaps and bounds but the public income do not increase.

Union finance

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Mr YS Chakravarti Shriram City Union Finance ET NOW 05-01-21

411 views | 6 Jan. 2021

India thamizhan

இந்தியா அளவில் பெரிய நிதி சேவையாற்றும் நிறுவனம்

Rohit kalkhanday