Speeches by Baldwin.

“ How are you doing the campaign?”

“Picking up on the point that we were just discussing with the shadow fleet, our predecessor Committee wrote to the Treasury Minister responsible for sanctions in May to say that we had had evidence that more should be done to tackle the shadow fleet of oil tankers. I wondered why it has taken six months. Can you talk u…”

“Would you not be doing anything behind the scenes during this six-month period, then?”

“There is a process under way, then, where you are always urgently looking for ways to close down some of these ways in which sanctions are circumvented. It feels as though you and other parts of the Government are potentially only discovering these things quite slowly and closing down those. Meanwhile, the world learns…”

“I do not even like to think how many people, how many Ukrainians, will have been killed during the six-month period between when we wrote that letter and the announcement yesterday. I just wondered whether you would feel that there is sufficient urgency in terms of implementing sanctions in your office, but also across…”

“The big ones are Libya and Russia.”

“Just very quickly, I have one last question. We have focused so much on Russia today. Perhaps this is for Mr Watts. I imagine you are still implementing the sanctions on Libya, Sudan and Syria. For the Committee’s benefit, can you list all the different countries where we are currently sanctioning people or individuals…”

“I associate myself with the words of gratitude paid by the Secretary of State to all those who have helped over the weekend. The House will know that I have raised the situation of Tenbury Wells many times. It is devastating to hear that it was flooded again this weekend. I do not know whether the Secretary of State, i…”

“Will we be able to see small, incremental differences every time, would you say?”

“Governor, the central scenario shows inflation rising to 2.8% next year and an over 40% chance of us having inflation go back up to 3% next year. If you were required to write a letter to the Chancellor about the 3%, do you not feel that that would be a bit of a failure and that the British public would feel pretty let…”

“You mentioned in your annual report to us, and you have mentioned in your evidence today, these four different ways in which firms can pass on the extra cost of employing people. I wonder whether you could tell us whether you fed into your model that only one of those routes was going to happen, so, for example, reduci…”

“If you were to put that into the model, what would it—”

“The Office for Budget Responsibility has a figure for that. It says that employment is going to be 50,000 lower as a result of the measures in the Budget. You will have seen the letter from the British Retail Consortium this morning as well.”

“I wonder whether you think that that sounds plausible.”

“Similarly, if it were to feed through exclusively through inflation, what impact would that have on the economy?”

“No, I am just wondering whether your model allows you to tease that out.”

“I accept that it will feed through in potentially more than four different ways, but I just wondered whether your models allowed you to put in, if the adjustment were all through this mechanism or that mechanism, what the impact would be.”

“Could you share it with the Committee?”

“Could you share that with the Committee?”

“Do you mean by letting people go?”