Speeches by McEvoy.

“I would like to move on to the type of system you think is the fairest for consumers. In terms of the consultation on the opt-in or opt-out, what do you think the pros and cons of each one of these models are in terms of consumer ease to get their compensation?”

“Therefore, if somebody did get car finance over this time, they need to check whether they experienced consumer harm through the scheme, which is going to be really easy for them to apply to, and they do not need to get a third party to manage that application for compensation for them, because they will lose money if …”

“The point in principle is that a consumer will have gone and been told it was the best available price for them, and in fact it was not.”

“Can I just very quickly get this clear in my head? The situation that has happened is that I go to a car dealer in Darlington and I say, “I really like that car. I don’t have enough cash. I don’t want to spend my cash savings. Can I see what finance deals are available?” The car dealer then says to me, “Yes, I will hav…”

“The only other question that I had was how long you think the scheme should run for, taking the lessons from PPI. Is this going to be an open-ended scheme that will outlive us all, or is it going to be a time-limited scheme?”

“To probe a bit further on that, I understand that you have competing priorities, but, from the moment that somebody submits, let us assume, an online form to say, “I took out motor finance with you. It was disproportionately high. I have read in the news that you have been found in breach of this legislation. I would l…”

“This is maybe for the whole panel. What do you think is reasonable for a consumer who is listening to this and thinks, “I took out motor finance and it was very high at the time. I am going to check whether I am eligible”? From the moment that they inquire with their firm—let us assume they experienced consumer harm—to…”

“Some people on this Committee think that I am being cynical, but, in the event that a consumer tries to access a compensation scheme that you are supervising and has an unsatisfactory experience, what should they do in that case? Will they be supported by the FOS to then take a further complaint out about the compensat…”

“You will be proactively monitoring the 38 firms. Will you be able to present those findings, as the scheme progresses, to this Committee?”

“I have some further points on some of the language used. “The sophistication of the consumer” is some of the language that has been used. What are we doing to make sure that all consumers have a fair and equal chance to get the compensation that they deserve? What measures are you going to put in place with the guidanc…”

“This month, we see an expansion of childcare that will benefit families in my constituency to the tune of £7 million, which will go back into their pockets. What assessment has the Minister made of how that spending power will benefit growth across the economy and productivity?”

“Thank you, Governor. Ms Lombardelli, for two consecutive quarters, the Bank underestimated the near-term growth of the UK economy. Do you think the Bank is being pessimistic, or is it because of the lack of stability more generally across the global sphere?”

“You mentioned GDP growth. How much do you think the global shocks in the last 18 months, compared with the forecasts—forecasting global shocks coming down the line is a very difficult job—have been a factor in your GDP predictions?”

“Okay, but the general consensus is that the pressures we are facing today are not as severe as in 2021-22?”

“Governor, we were talking about the increase in inflationary pressures. Will you elaborate on why the MPC still believes that the pressures are temporary, and on the differences between the pressures in 2021-22 and now?”

“Q10. Prime Minister, last year, my online safety forum of children and young people from every secondary school and college in Darlington found that 71% of our year 10s and 12s had been contacted by a stranger online, a shocking failure that our Online Safety Act will hopefully prevent going forward. Will he join me in…”

“It just seems strange that speculative losses are included but speculative gains in some other areas might not be scored, because you have not seen the evidence. It would be interesting to see whether 30% or 40% is the right amount, and then we can have that conversation in a year’s time.”

“On the use of including the losses, do you think it is the right time to be bringing that in, given how much data there was on the student loans losses before that was included? Is it appropriate to bring this in now when the Government have just invested so much money in the British Business Bank to try and incentivis…”

“I want to go a bit deeper into the report and ask about the British Business Bank specifically. You have mentioned in there that the British Business Bank currently expects to lose between 30% and 40% of its loans, and that you are going to be updating the way that you use the methodology to reflect those kinds of loss…”

“We have heard a number of times about when it was flagged to the Government that the labour force survey was unreliable. At what point did you start noticing and did you flag to the Government that the data was not telling us a proper picture?”