Speeches by Reynolds.

“We have to talk about people investing for the long term. You will have seen research by AJ Bell and other platforms suggesting that, if people had invested £1,000 a year in an ISA over the 25 years since 1999, they would have made a lot more money in stocks and shares than they would have made in cash. I was talking a…”

“We are looking at ISA reform in the round. We are very keen to hear your recommendations, but we are also very keen to see what the second HMRC study tells us because that is really going to give us a very detailed breakdown.”

“As I say, we are looking at it in the round.”

“Coming back to Dame Harriett’s point, I do not want to set hares running. We have 1 million people invested in this product. It is £5.5 billion. As I said, we are looking at ISA reform in the round. We are very interested to hear what your recommendations are with regard to this product. It is quite an unusual product,…”

“You had Michael Johnson before you, who was very into the detail of the design of the policy.”

“Yes, he did, but I hear he was also quite disappointed with the outcome.”

“It is very interesting to hear the evolution of these things because we were not involved in the design of it. We will look at it in the round.”

“We are looking at it in the round alongside other ISAs and the reforms that we suggested we were looking at in the spring statement. How do we drive better return for savers? How do we support the Government’s ambition to drive greater economic growth?”

“Yes, I heard. Well done. How is it?”

“You have to be in it for the long term.”

“Again, I am sorry. I am really trying not to be evasive, but the second HMRC study is going to be really key to this particular question. It is a question that we are considering very carefully. You could argue that one of the benefits of this dual purpose is that it is very flexible. You may have a situation where som…”

“We would be very interested in your views as a Committee on that, given what you have heard.”

“Yes, I understand that.”

“It could be a long hour. The reason why your report and inquiry is timely is precisely that we are in the policy formation stage. If that is a disappointment to you, it should not be. The point of Select Committees is to influence Government policy. We will look at that alongside the other characteristics of the LISA. …”

“They could not until 2037 because they have to be 60. I do not know whether you are going to put a few more pennies in.”

“No, you do not look like you are, but I do not know whether you will have a few more pennies in there before you are 60. I do not know. It is very difficult for us to evaluate, even in phase 2 of the study.”

“We have heard concerns expressed in your Committee and we have correspondence about some of the rules around withdrawal. You are absolutely right. You have got to the point that I was going to make about this. Any changes that could be made to perhaps improve that situation would cost money, and you would have to get t…”

“I will give you a few stats to build on what you have said. We know that about 6% of those eligible to take out a LISA have taken one out. You have to be between the ages of 18 and 40—I am not in that category, Mr Dean, I do admit. However, 9% of first-time buyers have used it since its introduction in 2017. In the ear…”

“I personally have not looked at those comparisons. We are not into the detail on that.”

“It will also look at the tax bracket that the individual is in. It will not give you the income of their parents.”