Speeches by Dickson.

“I have one final question, Dame Meg, if I may. On the length of time for which we are likely to be experiencing the shock that comes from the closure of the Strait of Hormuz, if the closure ends reasonably soon, how long do you, as the MPC, think the effects from the closure are likely to last?”

“Dr Dhingra, there was some suggestion from the Bank’s agents as mentioned in the Monetary Policy Report that we could be looking at food price inflation later in the year of 6% to 7%. Would that be a figure you would be expecting might come through?”

“Turning to some of the household finance issues that are likely to be a real concern to our constituents, we are already hearing about some of those worries. To Mr Bailey first, how do you think food and other prices, which are obviously very important to household finances, are likely to be impacted, compared, for ins…”

“Would any of the panel wish to comment on whether there are any interventions that the Treasury might undertake, particularly around food pricing, which might help to reduce the future level of inflation going forward?”

“Mr Bailey, has there been any contact from the Treasury to discuss with you, either for information or on any other basis, any steps that Treasury might be looking to take to intervene around food price inflation at all?”

“That is helpful. I have a question about our exposure to the jet fuel market. All the indicators show that the UK is a particularly large importer of jet fuel. Do you think this is likely to have a significant effect on inflation in the UK as compared to other territories?”

“It is very good to have you here. Could you start by summarising, each of you, what the OBR has done well over the last 15 years and where it can improve?”

“That is very useful. There is quite a lot to unpack there, and I am sure colleagues will do. One thing that has been said is that the OBR has been a bit of an outlier by being too positive about UK growth prospects over a prolonged period. The Institute for Government, for instance, has claimed that you have had an opt…”

“I am grateful to my hon. Friend for securing this debate and to the Backbench Business Committee for granting it. I have had the pleasure of visiting Stonehill Woods Park in my constituency, a wonderful park homes community where I heard residents’ huge frustrations about the regulation of park homes, particularly the …”

“I thank my hon. Friend for her great speech and her great work in this area, and I thank all the residents of my constituency who have signed the petition. I was pleased by the Government’s announcement of a long-term road map to reduce and phase out animal testing in scientific research, with key milestones for the ab…”

“I welcome the fact that in this time of economic shocks, the Government are playing their proper role in protecting UK households from the worst harms, and I thank the Chancellor for the work that she is doing with other Finance Ministers and Governments to bring about a de-escalation of the war—unlike others, who advo…”

“Obviously, they decided not to change the capital buffers when they last thought about it. Do you consider that the right decision?”

“Are there circumstances in which they will need to look at that again?”

“Do you see the situation in the middle east and Iran as the primary threat to financial stability at the moment? Are there others of a similar magnitude that you would see, or is it the main one?”

“Mr Woods talked about consolidation being an important part, potentially, to strengthen individual institutions, in particular for credit unions, for example, but also for other forms of mutuals. Do you have any thoughts on whether that is necessary in order to make sure that the sector can flourish?”

“Are you comfortable with the way the insurance market is currently working? The London insurance market carries the majority of the risk for marine insurance. That is obviously a huge issue at the moment with the strait of Hormuz. Do you think there is a role for the PRA in maintaining stability in that market?”

“One request from the Building Societies Association was about regulation and whether the leverage ratio buffers were appropriate for their sector. Do you have a view on that at the moment?”

“Do you think there are any further developments that you see potentially crystallising that could push us to a situation where we have what might be termed a “financial crisis”? Do you see us moving in that direction?”

“On the present economic turbulence created by the Iran war and what you had said about it when we asked you about it in the questionnaire, you said that depending on how various vulnerabilities interact, there could be a threat to financial stability.”

“On co-operatives and mutuals, you are aware that the Government have a commitment to double the size of co-operatives and mutuals. The PRA has been very supportive up to now. The prudential policy director told us that it was important not only because it was a Government policy, but because they meet a need for people…”