Speeches by Yang.

“I have a couple of questions related to the distributional elements and the impact of the LISA on means-testing benefit entitlement. Mr Lewis, you mentioned before that the most risk-averse individuals, particularly low-income individuals, will be put off investing in a LISA because of the withdrawal penalty. I was won…”

“Do you have a sense of where those people who are using it for their first home lie in the income spectrum? Is it quite a broad range?”

“Mr Lewis, what is your sense of the demographics that are using the product?”

“Mr Lewis, you said earlier that the withdrawal penalty puts off those who are most risk averse. Do you think that that hits low-income people the hardest?”

“I want to go back to the point that various panellists made about cash ISAs and driving an investment culture. There is an issue about risk aversion, particularly among low-income customers and particularly among women, who take up many more cash ISAs than men. They are opting for that for a particular reason; there is…”

“I am hearing you, Mr Stone, talking about changing the incentives as opposed to getting rid of cash ISAs and funnelling people through compulsion.”

“Given that behaviour takes a long time to change, and there are reasons why low-income people are more risk averse, if you were to do that scrapping, as you suggest, or limit it at £5,000, is there any modelling of behaviour that you would expect—I see Mr Byrnes shaking his head—so that people would change that into an…”

“Do I hear both Mr Byrnes and Ms Fairweather as saying, “Keep the cash ISAs and their level until that work has been done”? Is that what you are saying?”

“I want to go back to the point that various panellists made about cash ISAs and driving an investment culture. There is an issue about risk aversion, particularly among low-income customers and particularly among women, who take up many more cash ISAs than men. They are opting for that for a particular reason; there is…”

“Mr Johnson, do you have any thoughts on the distributional effects of this?”

“Mr Lewis, you said earlier that the withdrawal penalty puts off those who are most risk averse. Do you think that that hits low-income people the hardest?”

“Mr Lewis, what is your sense of the demographics that are using the product?”

“Mr Johnson, do you have any thoughts on the distributional effects of this?”

“Has such an exercise already been done? What is the back-of-the-envelope scale of this?”

“Do you have any sense of the magnitude of the uplift needed? Are we talking about billions, hundreds of millions?”

“Right now, there isn’t enough data in the public domain for you to make that assessment?”

“My last question is to Dr Luke. If we were to move to some form of needs-based funding system, what would that mean for national budgets in different Departments and how would you allocate that if you could choose? Mr Haslett might have a view on this as well.”

“Councillor Foale, anything you want to add to that?”

“Would you advocate moving to a needs-based funding system?”

“I have a couple of quick follow ups on this question, which is very pertinent to me because my local authority of Wokingham is one of the least well-funded in the high needs block, and the F40 is showing a disparity of about three times between the lowest and highest funded. Mr Williams, from the perspective of school …”