English: The First Minister knows that MiFID has nothing to do with the kind of conduct that caused the crash or made it far worse in 2008, when I remind the First Minister, of course, we had a Labour Government, a Labour Chancellor of the Exchequer, and a Labour Prime Minister who himself wanted a light-touch regulatory system. Of course, we all learnt great lessons from that. But, regulation such as MiFID II, which requires this vast amount of information storage and retrieval, is far too great for any regulatory body to be able to use effectively. So, it's imposing a vast cost upon firms and, therefore, the public at large, which ultimately bear the cost of all business taxes, for no practical benefit to anybody at all. The result of that is to drive financial services business away from Europe altogether to places like New York, Hong Kong, Singapore and so on and so forth. So, for Britain, there's a great opportunity post Brexit, if we can't do a deal with the EU. And nobody ever guaranteed any kind of trade deal with the EU; nobody was able to do that. It's not in our gift to force the EU to enter into a deal with us, we just said that it was in their own self-interest, as indeed ours, to come to an agreement, but nobody can force them to do that. But if no such deal is available, then the world out there is much bigger than Europe: 85 per cent of the global economy is outside Europe. Should we not be positive about those opportunities, rather than relentlessly negative and saying that the future lies in what is a contracting part of the world economy?
Welsh: Mae'r Prif Weinidog yn gwybod nad oedd gan MiFID ddim i'w wneud â'r math o ymddygiad a achosodd yr argyfwng neu ei wneud yn waeth o lawer yn 2008, ac rwy'n atgoffa'r Prif Weinidog, wrth gwrs, bod gennym ni Lywodraeth Lafur, Canghellor y Trysorlys Llafur, a Phrif Weinidog Llafur a oedd ei hun eisiau system reoleiddio ysgafn bryf hynny. Wrth gwrs, dysgwyd gwersi mawr o hynny gan bob un ohonom ni. Ond, mae rheoliad fel MiFID II, sy'n gofyn am storio ac adalw llawer iawn o wybodaeth yn rhy fawr o lawer i unrhyw gorff rheoleiddio allu ei ddefnyddio'n effeithiol. Felly, mae'n gorfodi cost lethol ar gwmnïau ac, felly, ar y cyhoedd yn gyffredinol, sy'n cymryd cyfrifoldeb am bob treth fusnes yn y pen draw, heb unrhyw fudd ymarferol i unrhyw un o gwbl. Canlyniad hynny yw gyrru busnes gwasanaethau ariannol i ffwrdd o Ewrop yn gyfan gwbl i leoedd fel Efrog Newydd, Hong Kong, Singapore ac yn y blaen. Felly, i Brydain, ceir cyfle gwych ar ôl Brexit, os na allwn ddod i gytundeb gyda'r UE. A ni sicrhaodd neb unrhyw fath o gytundeb masnach gyda'r UE erioed; nid oedd neb yn gallu gwneud hynny. Nid yw yn ein rhodd i orfodi'r UE i ddod i gytundeb gyda ni, y cwbl a ddywedasom ni oedd ei fod o fudd iddyn nhw eu hunain, fel y mae i ninnau, i ddod i gytundeb, ond ni all neb eu gorfodi nhw i wneud hynny. Ond os nad oes cytundeb o'r fath ar gael, yna mae'r byd y tu allan yna yn llawer mwy nag Ewrop: mae 85 y cant o'r economi fyd-eang y tu allan i Ewrop. Oni ddylem ni fod yn gadarnhaol am y cyfleoedd hynny, yn hytrach na bod yn benderfynol o negyddol a dweud fod y dyfodol yn dibynnu ar yr hyn sy'n rhan o economi'r byd sy'n lleihau?