Speeches by Grady.

“On that point, it would be helpful if you followed up in writing—I’m sorry I’m dishing out homework. On insurance generally and people becoming uninsurable because insurance is more data rich, does that take you to the point where you feel there should be some sort of basic insurance product that people can access in t…”

“Finally, Ms Pardoe.”

“I think it would be helpful if you wrote to the Committee after this hearing, over the next week or two, and set out why you think the FCA’s rationale is wrong, because we can then consider that. Mr Daley, where do you see the main harms to consumers in the insurance market at the moment?”

“Mr Daley?”

“Ms Concha?”

“So we will never go below that floor of the risk-free rate.”

“If the cost of Government debt increases, then people will pay more for infrastructure, so that is why we must manage our public finances carefully.”

“We had better move on. I have heard today, for instance, that people can come to training but do not have to. How are we going to improve things if we do not make this stuff mandatory?”

“I want to unpick the transmission mechanism between the higher cost of Government debt and the cost of infrastructure; you can keep me right, Mr Vickerstaff. The first premise is that if it is on the public sector balance sheet, the higher cost of Government borrowing increases the cost of the project. If it is private…”

“Mr Glen’s chapter of questioning takes us to a point where we have to accept that, however good your work is, some projects are going to be a mistake. For example, a nuclear power station in Scotland when the SNP do not agree with it. To what extent do you engage with other political parties to ensure that they are edu…”

“Yes. What this brings us to is that a 10-year plan is not written in stone; it depends on political consensus. Is that one of the big challenges we face, which Mr Glen’s question takes us to?”

“The long-term strength of the economy depends on long-term investment in the UK. UK growth companies still struggle for capital, while UK savers’ money flows to trackers, which are concentrated on a small number of US stocks. That is bad news for our future. My right hon. Friend the Chancellor has made brilliant progre…”

“Briefly, if I was a taxpayer and I heard these things that you are asking, I might say that the National Audit Office has pointed out all these failing projects in Britain for years, as has the Public Accounts Committee, which is very ably chaired by Sir Geoffrey and previously by Dame Meg. But another question I might…”

“17. What progress she has made on strengthening the economy since July 2024.”

“Minister, the last chair of the OBR, Richard Hughes, resigned on 1 December 2025, which is six and a half months ago. The recruitment campaign was launched on 20 February 2026, almost three months after the resignation. The Treasury has to give 10 weeks’ notice to the OBR of the Budget. If the Budget was, say, on 25 No…”

“Could I just come in on long-term forecasts? Minister, you mentioned the fiscal risk and sustainability reports, which provide a long-term view of the sustainability of UK public finances. In political and public debate, do you think that the long-term sustainability of our public finances is getting enough attention?”

“Are you confident that the chair will be in place by the 10-week deadline to which I referred?”

“On the question as to whether the OBR is operating competently, schedule 1, paragraph 1 of the Budget Responsibility and National Audit Act 2011 provides as follows: “The office is”—and “is” is the key word here—“to consist of a member to chair it, appointed by the Chancellor of the Exchequer with the consent of the Tr…”

“The Chancellor wrote to this Committee on 20 February 2026. The Chancellor talked about the recruitment process and then she said, “Once a process has concluded, we would usually appreciate your assistance by facilitating your pre-appointment scrutiny before the summer recess”. Is it still the plan that the candidate i…”

“Would you consider it to be a good idea to have an annual debate in the House of Commons Chamber on the fiscal risk and sustainability reports so that people can look at this in more detail, and MPs across the Benches can look at this in more detail?”