Speeches by Baldwin.

“I would like to slightly shift the line of questioning to what you have achieved in terms of rolling out automatic push payment fraud reimbursement. Members of this Committee get lobbied as well, by the people who were concerned about the roll-out. In our published reports to you in the past, we have raised concerns ab…”

“Can I say thank you? You had a lot of people trying to slow you down and have this not rolled out, and yet this has had a really beneficial impact on our constituents who were being scammed and a really beneficial impact in terms of their economic wellbeing. The UK is very much at the cutting edge in terms of payments.…”

“Again looking at the Government press release that announced your abolition this morning, it said, “Regulation will be cut back,” economic growth will be boosted by your abolition, and more money will be put into “working people’s pockets.” I have to say—I may just be speaking for myself—I am worried about what we migh…”

“Will that be one of your priorities: to take some of the things that you think the European Central Bank is doing better than the Bank of England and argue for a change there?”

“Do you think that the Bank of England should issue its Britcoin?”

“You are very much a poacher turned gamekeeper, are you not? I wanted to drill into your conflict of interest, because you still retain some UBS exposure. I am not going to pry and ask you how much that is or anything like that. I understand that these things are locked up for a period. Can you share with the Committee …”

“Good morning, Mr Enria. You have been asked to take on this role by the Governor and your background is primarily with the European Central Bank. I wondered whether you could share with the Committee what you think the European Central Bank does better than the Bank of England and what the Bank of England does better t…”

“I was also interested to see that you divested yourself of your cryptocurrency holdings. Was that bitcoin or something else? Tell us about why you were in the cryptocurrency markets.”

“The sentence that I thought was particularly interesting in your letter was where you say that, because there is a limit to the amount that businesses can pass on through reducing their profits, and it is difficult for them to pass on the increase in consumer prices in full, in terms of their costs, it “may point to th…”

“It has happened to a lot of people. We have seen a lot of announcements of job losses.”

“The Office for Budget Responsibility forecast that the Budget would cost 50,000 jobs. Is the Bank of England’s forecast different from that?”

“Have you seen anything in the data that you have seen so far that would make you believe that 50,000 was not a correct forecast?”

“I understand that. In an economic model, if you increase the price of employing a person by £900, and they are not expecting it, do you have more or fewer people employed?”

“I shall try to make my speech short and snappy, Madam Deputy Speaker. I congratulate the right hon. Member for Birmingham Hodge Hill and Solihull North (Liam Byrne) on securing this afternoon’s debate, which has allowed many Members to articulate the concerns that they are hearing from businesses in their constituencie…”

“Have I understood that correctly? Is it a yes to that first question?”

“So it is limited as to how much can happen through that channel. That is what your letter says.”

“You then said that there has been an impact, in that businesses have been able to react to the tax increase by raising their prices. You quantify that in your letter as being between 0.1 and 0.2. Have I understood that correctly?”

“There has been a non-zero impact from the Budget on inflation.”

“They could react by reducing nominal wages. You have said that some of the transmission will happen in that way, and you are picking up some of that in your data. Am I correct in understanding that as well?”

“The characterisation that I would give to the evidence that we have heard today is that we have a UK economy that has managed to survive a range of shocks over the last few years, but it is an economy that is really just surviving and not thriving. Productivity—particularly public sector productivity—has not been demon…”