Speeches by Murphy.

“There has been a lot of discussion about the fiscal rules and the degree to which they impede Government policy. Dr Prieg, how does the current conflict in the Middle East affect the fiscal rules? What challenges might it bring to our current fiscal framework?”

“We have been talking about levels of debt but what is your view of how we measure debt in this country? Countries such as Germany measure it differently and if it were measured in the same way there, debt-to-GDP ratio would look a lot higher. Do you have a view on how we measure debt and whether that measurement blocks…”

“I want to slightly extend this conversation. First, are we not asking the OBR to do the impossible in giving precise estimates on how government policies are going to deliver over five, 10, 15 years? Is that not an almost impossible exercise? Secondly, I would like to ask Dr Prieg which particular policies she has in m…”

“I have a very short follow up question for Dr Prieg and any others who want to answer. Just focusing on policies that are maybe not scored in terms of their long term impact, the counter-argument—I am not saying I agree with it—would be that, if there was a problem with the scoring, you would have expected policies imp…”

“Ms Curtice, how would you reflect on that possible change to the way the Germans do it?”

“Do you think there would be a negative reaction from the bond markets if such a change were to be made?”

“Is that not Ms Curtice’s point? The reason for focusing on the headroom is that we are in a very precarious position: if a bus is tilting on a cliff, you have to focus on millimetres.”

“I am grateful to the Secretary of State for his answer. As part of the armed forces parliamentary scheme, I was recently privileged to spend time in the High North, in Norway, with our Royal Marines and other armed forces personnel. It was a stark reminder of their service, and the sacrifice that they make to protect o…”

“5. What steps he is taking to increase pay for military personnel.”

“Do you worry that, having come under some criticism—or debate—around modelling around productivity and its impact last year, you could be missing it on the upside? Is that fair?”

“Finally, the electricity generator levy is, I believe, set at £75 per megawatt-hour. I asked this question in the House, but do you believe that it is set at the right level for it to be activated, or should the Treasury be looking at that? Should the Treasury potentially be considering whether that should be extended …”

“To return to the question on targeting, is there work, or should the Treasury be beginning work, with the Department for Energy Security to look at more targeted schemes to support consumers—even if it is planning and those decisions do not need to be made?”

“I have two follow-up questions. The first is on the productivity point and the work that the Resolution Foundation has done, particularly looking at payroll data rather than the labour force survey. What is your assessment of their analysis?”

“On the point about employment rights, is there an argument that this will lead to more productive employees? There is a lot of evidence that shows that greater security will lead to more productive employees, which is actually better for business. Is that part of the theory of growth as well?”

“I want to follow up on Mr Coghlan’s point on the Defence, Security and Resilience Bank. I know that the Government are considering multilateral propositions around procurement, but the bank is specifically about mobilising capital. Are the Government considering that proposition directly, or other multilateral proposit…”

“On the point about the regularity of shocks, I think there is research showing that half the recessions we have experienced since the 1970s have been a result of energy price shocks. We are particularly exposed in the UK, and those shocks are arguably becoming more regular. Given the significant impact these shocks hav…”

“Chancellor, everyone wants de-escalation, but we have to accept that this may be prolonged. In those circumstances, what preparation is under way in the Treasury for planning to support consumers and businesses with their energy bills?”

“If the crisis was sustained for a prolonged period, how concerned would you be about the affordability of the Government repeating the kind of energy bills scheme we saw during the Ukraine crisis?”

“Thank you for the answer. So it is too soon to take decisions, but not too soon to prepare. I wonder whether you have any views on whether the Government is better prepared, or in a better place, to offer more targeted energy bill support. The previous Government had to offer quite broad-based support, costing £78 bill…”

“If, for the sake of argument, the war came to an end at the end of today and prices began to fall back, would we still see a longer-term impact on inflation, or do you think that will be shorter? I am trying to get a sense of a degree of time that this would have to go on for it to have that kind of—”