Speeches by Yang.

“Mr Woods, you mentioned just then that your interpretation of the Bessent speech was that the US might completely scrap the Basel implementation, and you received advice that that was not the case. Could you describe that a bit more? Do you have more clarity on the US implementation of Basel 3.1?”

“How much do you see the risk of the European Commission and the European Central Bank being more positive about pushing forward with this while the UK is still waiting for the US to move?”

“Mr Bailey, I was struck by what you said just then on small banks wanting clarity and certainty about what the future regulatory framework would look like. In the Treasury’s conversations with the PRA about the growth and competitiveness objectives, I wonder if you feel that there may be some trade-off introduced by ch…”

“Do you see that there is a potential trade-off between moving to more growth and competitiveness objectives and the stability of regulation for firms? Is that a trade-off that the Treasury considers as well in its conversations with you?”

“Thank you. That is really interesting. Mr Woods, if the US tries to implement a capital-neutral version of Basel, does that imply that you in the UK would also want to implement a similar capital-neutral regime?”

“Let me begin by declaring my entry in the Register of Members’ Financial Interests. I think most of us have agreed today that football has a governance problem. Just last Friday, I attended a meeting with Sheffield Members of Parliament and fans of Sheffield Wednesday—fans who are desperate for their owner to sell thei…”

“I have already declared my interest, and I do not agree with that intervention. It is for us in this Chamber to decide whether we want a regulator, and whether we want the Bill to be passed. The Leader of the Opposition has said that she believes that any regulator would be a waste of resources. I presume that that mea…”

“I feel that I have seen a lot of fancy footwork from the Opposition that probably belongs on the pitch. We need to build a football system that is fair, transparent and sustainable. That is why I strongly welcome the Bill, and in particular the creation of an independent football regulator. I also strongly support the …”

“I agree with my hon. Friend that the Conservative party is letting down many Reading fans, not just in our constituencies but in many neighbouring constituencies, as well as fans across the country. This matters because Reading are not just a club but a community institution. They are a source of pride, opportunity and…”

“Ms Webster, as you have described, you would suspect, based on the quantities involved, that many people are incurring the charge because they have suffered an unfortunate life event and they have had to rely on their savings. That could be a boiler breaking, as the Minister mentioned, or something else happening in th…”

“Thank you, Minister. We have touched on the withdrawal charge, and I have a few questions about that, but I just wanted to give you the opportunity to summarise in one place what you see as the main benefits, in terms of the behaviour that the charge is intending to drive, and the main harms of the withdrawal charge as…”

“Is that in order that people use the product for that intended purpose?”

“Do you see any harms with the charge as it is designed right now?”

“Perhaps we can talk about the level of risk. As you mentioned—”

“Perhaps we can turn to the question of the level of the penalty charge. With the 25% charge, as you mentioned, Minister, right now anyone withdrawing for whatever reason will lose not just the government bonus but also part of the capital that they invested in the first place, 6.25% of it. During the pandemic, there wa…”

“Ms Webster, you have seen the charge over its different evolutions. Do you have any analysis or any views on the benefits and costs of the different levels of charge?”

“I have one last question on this theme. We discussed earlier the question of whether it is well-off families who are benefiting more. We know that low-income families tend to be more risk-averse. One of the sessions on the lifetime ISA that we held with a panel of consumer champions talked about the deterrent effect of…”

“Another savings vehicle might be more appropriate for that group. Is that what you are saying?”

“Ms Webster, I have a question about the structure of assessment of tax reliefs versus spending lines. The lifetime ISA has just had its eighth birthday. We have just heard about the great research that HMRC is doing that we will hear from in due course. If this had been structured not as a tax relief or as a tax benefi…”

“Does that mean that for the million or so people who hold lifetime ISAs there would be ongoing collection of data on their use and, if so, whose departmental responsibility is that?”