Speeches by Grady.

“Do you feel that the fiscal lock has strengthened the OBR’s independence?”

“Please be brief, because I am forecasting that we need to bring this session to a close at some point in the near future. If the fiscal lock had been in place under the previous Government—you have mentioned covid and the energy crisis—would you have carried out any further analysis compared with what you did, Mr Hughe…”

“Finally, Mr Hughes, is one of the messages that we need to be careful about blaming the OBR for a set of circumstances that arise from events and political decisions?”

“May I declare that I am chair of the APPG on Qatar, given that we are discussing Islamic finance?”

“I might be asking the wrong people these questions, but I am sure you will have some light to shed on this: what was the investor base for the 2021 sukuk? Who were the buyers?”

“Minister, we could take a lot of time on this, so I suggest that the Treasury write to the Committee to explain how it will make sure that it is as clear as possible to busy small businesses owners, including the steps it is taking to understand the impact from a business owner’s point of view.”

“Obviously, people use Islamic finance in Britain because we have a Muslim population that includes many successful businesspeople who fund things through Islamic finance. Out of interest, what do you think about the fact that we are not issuing another sukuk? Does that have any impact on the UK’s position as an interna…”

“Mr O’Neil, I am conscious that you have not had a chance to speak at all today. Is there anything you would want to add to that?”

“That means legislation.”

“I suggest that we look at that, and then we might come back to you in writing.”

“I thought I might be.”

“And when would you expect that primary legislation to be advanced?”

“What is behind the delay in primary legislation? Is it that politicians are dragging their feet? Is it that we don’t have enough civil service capacity—at the same time as we are looking to downsize the Treasury? Is it a lack of particular skills in the Treasury, such as draftsmanship and legislative drafting skills? W…”

“Only myself and Mr Dickson were there, and he was very young. When will phase 2 of the consultation on the Consumer Credit Act open?”

“So another hidden cost of Brexit is that we haven’t been able to undertake the legislative modernisation to get growth.”

“That would suggest that in the Treasury, or in the pool of people who had access to this information, there are evidential gaps that meant you were unable to trace how it was leaked—so people deleted messages, did not keep a proper diary of what they were up to or whatever.”

“Just before we move on to primary legislation again, the Consumer Credit Act passed in 1974, when we had only three TV channels and “Rising Damp” made its debut, and the ATM had come in only in 1967. It was a very different payments landscape.”

“To turn it on its head, before I go back to Dame Meg, are you confident that the civil service in the Treasury is able to progress this, so that, for example, we can get this legislation into the next King’s Speech, if we so desired?”

“I have just one follow-up question on the logic behind that. Obviously, corporation tax is taxed on profit, but are rates not taxed on turnover? There is a distinction between the two.”

“I have just a quick question. You said in the House that the Barnett consequentials from the changes announced for pubs would be set out in the usual way. Are you in a position to explain how all these reforms will affect the Barnett consequentials?”