Speeches by Grady.

“All I really wanted to understand is what work has been done to understand the practical implications of full fiscal autonomy. The answer is, “Not a lot at the minute”.”

“I recommend the shops in Parkhead Cross.”

“Good, thank you.”

“Ms Breeden, if we were having a tour around the shops at Parkhead Cross in my seat, would you be in a similar boat of reassuring my constituents that prices will remain stable over the next three or four years?”

“This is all very interesting, but what my constituents want to know when they go to the shops is that prices are not going to get out of control again. How confident are you, Dr Dhingra, against this background, that we can reassure my constituents in Glasgow that prices over the next two, three or four years will rema…”

“Dr Mann, how about you? Are you confident that things will not go badly wrong, faced with all this unpredictability?”

“As a follow-up question, we have heard diverse views about how monetary policy should move forward. Does all this uncertainty lead to a serious risk that, despite the Bank’s best endeavours, monetary policy could go badly wrong, with inflation undershooting or overshooting the target?”

“Governor, since we last spoke in this Committee, the global trading system has become somewhat unpredictable, from liberation day to arguments this weekend about the exports of critical minerals and rare earths from China. There are real concerns about President Trump’s “big beautiful Bill” and warnings that the US bon…”

“On assistance for first-time buyers, is the lifetime ISA not still in operation?”

“I apologise for not indicating properly.”

“I rise simply to support the provision. The first point to note is that this sort of technology has always been critical for the electricity system, which is why we have plants such as Cruachan in Scotland—which I commend to everyone as a great place to visit on their summer holidays—and Dinorwig in Wales. We need more…”

“Then the other question I would ask is on the outputs from these models, which is coming back to the theme that Mr Glen picked up on. If I am looking for insurance, how is the industry doing at testing the outputs of these models to ensure that they are giving fair and justifiable answers? For example, the insurance pr…”

“If I wrote to the top 20 insurers in Britain and said, “Please can you provide confidentially”—because it would be confidential—“your model risk management policy?” would each of those policies pass muster?”

“When it comes to risks, they ultimately sit with the board of directors and the senior managers of the firm. They are the ones who are legally liable and responsible. A lot of these models are black boxes and very complicated. How confident are you that the directors and senior managers of the insurance firms in the UK…”

“How confident are you that boards and senior managers, boards of directors in particular, in firms understand this stuff?”

“I know, and you are sort of answering the question, but gently I guess the question is: at present, pending the PRA’s work, do directors and senior managers understand what they are using in this very advancing, complex, technological world? I am humble enough to say that I do not fully understand all this stuff. Do di…”

“Thank you, Chair. I need to keep this plugging along, so if you can keep your answers short.”

“It is a huge subject. The first question is to Mr Luther. Do firms understand the counterparty risk of AI providers? By that I do not just mean solvency. Do these counterparties have idiosyncratic risks such as the departure of a core team that would be very damaging to ongoing provision of a product?”

“Just very quickly, Ms Mackintosh and Mr Otudeko, is that similar from your perspective and does it reflect your understanding?”

“On failed Budgets, my constituents go to the shops with terror at the rising prices that followed the Budget of Liz Truss and Kwasi Kwarteng. Does the hon. Gentleman agree that that is the very definition of a failed Budget—one that plunged many of my constituents into poverty?”