Speeches by Coghlan.

“But in the round, R&D is not materially increasing. Would you consider borrowing to increase R&D, given that R&D is generating growth, so in theory that should not raise the debt to GDP ratio?”

“Would it be outside the fiscal rules?”

“The US is disengaging from Europe, and it is entirely conceivable that Russia could attack Estonia and test article 5 with “little green men” if there is a ceasefire in Ukraine, so why have the Government not committed to reaching their 3% defence spending target by the end of this Parliament?”

“It is interesting that you said that was a disaster, because the No. 1 thing you can do to increase productivity is R&D. It is excellent that you are doing that in defence spending, but overall R&D is increasing by only 0.7% a year in real terms. How can you realistically expect productivity to improve?”

“Chief Secretary, you are increasing the capital budget by £20 billion up to 2029-30, but just about half of that takes place next year. Why is the capital budget so front-loaded?”

“It is increasing from £131 billion to £151 billion in total, but of that £20 billion increase, £9 billion happens next year.”

“Of course, I am delighted that you have increased defence R&D. Is that a very good way of increasing economic growth?”

“We heard earlier about HS2. You are spending roughly £7 billion a year investing in it. Last week, we heard from economists that the economic benefit of it is potentially negative, once the financing and capital costs are knocked off, because a railway is already there. By my calculations, we need to increase defence s…”

“Professor Wachter, what do you see the impact of AI is likely to be on people who are under-represented in the financial services workforce, such as women or people with disabilities?”

“With any new technology you both destroy jobs and create them. For example, the car created the whole motorway services industry and tarmac roads. Is it too early to say whether AI is going to be net job creating or destroying, or we just do not know at this point?”

“Do you see that the productivity gains in AI could lead to greater wage disparities between high and low-skilled workers?”

“Professor Lawrence, Citigroup has warned that the banking industry would be hardest hit by the deployment of AI, estimating that 54% of roles are at risk. Do you think AI is going to increase or decrease employment?”

“On that point, 4,000 residents in Westvale Park, a new housing development in my constituency, were promised a GP, and they had legally binding section 106 agreements in place. The construction money is there for a GP surgery, but the NHS has not provided the operational funding required for a GP. Does the hon. Gentlem…”

“The big issue in my constituency is that I have constituents who are on the point of qualifying as GPs, but they do not have jobs as GPs to go into. What do the Government plan to do as part of their 10-year plan to fix the issue that we have people qualifying as GPs who do not have GP jobs to go into?”

“I would like to come in with a question. On your point around the National Wealth Fund potentially issuing bonds, how would that impact interest rates, or how could we ensure that issuing large volumes did not have a significant impact on interest rates?”

“Dr Surico, do you believe that if the Government spent an extra blackhole-sized £20 billion a year on R&D and crowded in an extra £40 billion in private R&D, in five years’ time, if executed properly, it would be possible for us to be a fast-growing advanced economy like South Korea? How would you finance that?”

“In the spring statement, the Chancellor used your research to upgrade long-term GDP by £11 billion a year, using a fiscal multiplier of 1.6, specifically on the increase on defence spending. How credible is that?”

“We have been in a productivity crisis since 2008. There is more focus on R&D now, but how is the UK doing on R&D compared to other advanced economies?”

“With R&D, what is the best way for the Government to crowd in private investment and what is the payoff? How long before we see that translate into economic growth?”

“We heard a lot in the spending review about research and development. What is the best way that the Government can support R&D?”