Speeches by McEvoy.

“In the Monetary Policy Report, you mention productivity. I am fascinated by this. All of you have mentioned productivity in the economy. I would really love to get a straight answer about what is going on. We have asked several witnesses over the course of this Committee, and we would really like your professional view…”

“Let us leave health to one side, because you have said that you are not the expert, but it is very interesting to hear. From what you have said, since we are no longer in a pandemic and people are getting their appointments now, we should see a rebalancing of those measurements that were previously calculated. If we pa…”

“You have said that it has helped mitigate the external shock episode this time. As we navigate uncertain times, will having the 2% target help with investor confidence?”

“Hello, everyone. It is nice to see you again. Welcome, Dr Pill. Just to go back on the 2% point, can you tell us a little bit more about your views on the 2% target? Are we still on track? What is your broader view on having an arbitrary target and how it is improving disinflation?”

“It is to the Governor, as well as to Ms Greene, just because you mentioned it. I am just really keen to hear what all of you think are the factors causing this uncertainty around what is going on.”

“Is it real or is it a data analysis problem? We had witnesses from the ONS, and they were sure that there was a productivity problem. That is fair, isn’t it, Chair? They gave us their absolute confidence that the data that they are collecting is correct. Are there any other factors that could be causing this in the dat…”

“The measurements worked before 2019 and we were doing all right then. We have seen the hit from the pandemic, but, if we were using those measurements again, it does not really explain the sole reason for the lack of productivity.”

“What is the average first-time deposit in the UK as a whole, rather than in London and the south-east?”

“I am sorry to bring us back to this so late in the day. On the deposits, from those of you who have customers using these products, how many people are using their savings in the LISA for 100% of their deposit?”

“Just so that I can understand, is it a small part of the deposit, and the majority is coming from the bank of mum and dad, or is it the majority of the deposit, and a small part is coming from an auntie or something?”

“Zoopla says that the average UK deposit is £34,000, but we can pick up the data after.”

“I am just interested as to whether it is the majority chunk.”

“Is this working for people without the bank of mum and dad, basically?”

“On that point about the use of the product as it is now, we could split the product and accept that it is being used for first-time buyers—that is brilliant—but reform the second use of the product and target it specifically to self-employed people who are basic rate taxpayers. In those circumstances, where we were tar…”

“Sorry, I think that your evidence said that one in five self-employed people are saving for a pension.”

“Ms Olufunwa, in your experience with Hoops, do you have many self-employed people coming in who are on the basic tax rate? Do you think it would be a suitable product for them as a pension alternative? What is your view, given your stance at the beginning, for this group specifically?”

“On that point, would you remove the cash element? It is a stocks and shares ISA or a cash ISA. If it was for the long-term saving, would you remove the cash element, which is, as we have outlined, suitable for your first-time buyers, but not necessarily for a 30-year long-term savings product? If you remove that, in th…”

“I take that point, Mr Lewis, because I share your ambition for clear communications and correspondence with the public. If it is a communication issue and you feel like people would not understand the new product, but with this one in five stat of self-employed people saving for a pension, the current status quo is not…”

“The argument should be that the Government should be a trusted person to help you.”

“Yes, I know, but in an ideal world that would be a suitable Government product. Q60            John Glen: Mr Lewis, you probably have more influence over most people than the Government in this domain, but there is the danger that something goes wrong with that adv…”