Speeches by Yang.

“Sir Dave, just to go back to your letter; you mentioned that the decision to cut its benchmark should make banks feel more comfortable to deploy the capital they have and support growth in the future. I was wondering whether this measure came about primarily as a result of a search for measures to increase growth or, a…”

“I was wondering whether any other members of the panel had any concerns about this lowering of the capital requirements.”

“Mr Bailey, we have just looked at the decision that the FPC made to lower the capital requirements of its risk-weighted assets from 14% to 13%, and I thank Sir Dave for writing to the Committee describing the possible monetary policy impacts of that decision. I was wondering how you respond to the concerns voiced by yo…”

“At the micro level, you think that banks could react to your reduction in the capital requirement by increasing lending to productive parts of the economy and therefore boosting growth?”

“What falls into the latter category of being less modern? What examples of that are there?”

“Does that mean that you will be revaluing or updating the valuation of a large number of houses outside of that £2 million range in order to find the range? If so, is there a kind of threshold or a number of houses that you are planning to update the valuations of?”

“So KAI already links that tax data to Companies House data within that.”

“Mr Athow, I wanted to ask about the knowledge analysis and intelligence division, which is the research division within your directorate, which has recently commissioned Ipsos to better understand people who both own and manage their company, so company owner‑managers. It seems to me that, through doing this wor…”

“Are there any reliefs that you have evaluated and feel have little or low value for money?”

“Is the mechanism for collection part of the consultation discussion? Many councils could come back and say, “This is really not worth it for us”.”

“You said that you would check whether your current valuation of 28 million properties is up to date. Most people who see their own valuations see an early 1990s valuation. Could you just clarify what you mean by “up to date”?”

“Are there ones you are concerned about, seeing their growth over the last few years, say, in that they have ballooned beyond what was originally intended?”

“Could you write to us?”

“How many is that, roughly? What is in that basket?”

“Is that the right process?”

“Do you currently monitor and evaluate all non-structural reliefs, in terms of their impact, or a subset? If so, what is in that subset that you are monitoring?”

“I have some questions—I will start with Mr Russell—on the so-called mansion tax and the high-value council tax surcharge. Could you first explain how properties are going to be valued? How will you handle the appeals process, if any owners appeal?”

“Are you concerned about the growth in the advisory industry helping companies claim and, in some ways, game the relief system, or do you feel relaxed about that?”

“Mr Marks, the collection will be done by local authorities. Will this lead to a number of local authorities that have, say, only 10 such high-value properties in their patch having to put in place more processes in order to handle a small number of properties? Do you have a number or an estimate for how many local auth…”

“Mr Russell, can I clarify whether it is the legal owner or the beneficial owner who is being taxed?”