Speeches by Grady.

“You are quite right there. Two others are the IMF and the World Bank. There has been some discussion about the US withdrawing from the IMF and the World Bank. How damaging would that be to the UK?”

“That means a risk that people in England, Wales, Scotland and Northern Ireland will have less money in their pockets, ultimately.”

“Ms Greene, charts 2 and 3 in your very interesting paper illustrate the essential truth that we are a very open trading nation. The US and the EU are our two biggest trade partners. By the way, the data shows the same for Scotland.”

“It is, of course, but we are all part of one United Kingdom. It is ill advised for either of us to stray into that territory. No good will come of that. Are there any other international shocks or factors? We have elections in Canada, which your predecessor might have an interest in. France has gone off the radar, but,…”

“Professor Taylor, do you have anything to add to that?”

“The hon. Member for Argyll, Bute and South Lochaber (Brendan O’Hara) has provided a most eloquent job application. I was very pleased to read of the upcoming appointment of Lady Elish Angiolini. Not only would Lady Elish be the first Roman Catholic to hold the office of Lord High Commissioner, but she is incredibly wel…”

“Mr Byrnes, do you have a point?”

“I am very mindful that time is marching on and we may have votes, so am I taking it that the basic position of each of you on the panel is that it is good for basic rate taxpayers who are not in employer schemes and not good for many other people really, unless it is a supplement to what they already have?”

“Would anyone demur from what Ms Fairweather has said?”

“Just to set out the landscape a little bit so we are all on the same page, because this can get quite complicated, if I have a SIPP, I get tax relief on the way in, at my marginal rate of tax. If I have a LISA, I get a bonus, although obviously there is a withdrawal penalty. If I have an ISA, there are no additional ta…”

“It is 73p.”

“That is a brilliant answer: one word. Thank you very much.”

“As a final question from me, because time is marching on, does this discussion really illustrate the fundamental problem here: that it is all just too complicated for people to save in this country?”

“That is a very interesting point, Ms Fairweather. I suspect you would need a whole new inquiry on saving for self-employed people, actually. The Hargreaves Lansdown evidence is that 47.3% of outright homeowners are on track for a moderate retirement income. It is a bit late for complex maths, so that means over 50% are…”

“That is a very interesting point, Mr Byrnes. I suppose I would ask the rest of the panel whether they agree. Are we confusing two things: the rainy day fund you need for medical emergencies and all the rest of it, and long-term pension saving? Does that easier access for pension saving point away from this being a good…”

“Can I have very quick answers, please, because time is marching on, and perhaps one answer at a time? The SIPP minimum pension age, I think, is currently 55 and going up to 57, if I am right, in 2028. We have a different state pension age and then the LISA age is 60. Is this another example of confusion in the pensions…”

“Can I have a yes/no answer from Ms Olufunwa as well?”

“My question to each of the panel has rather a yes/no answer, I hope. That minor disagreement we have seen between Mr Lewis and Mr Johnson turns on a range of modelling features: tax in, tax out, whether you get employer matching contributions, your investment choice, whether that investment choice is available and whet…”

“Mr Byrnes, do you have a point?”

“I am very mindful that time is marching on and we may have votes, so am I taking it that the basic position of each of you on the panel is that it is good for basic rate taxpayers who are not in employer schemes and not good for many other people really, unless it is a supplement to what they already have?”