Speeches by Murphy.

“Do you think that the exclusion of merchant-owned products sensible?”

“I want to slightly extend this conversation. First, are we not asking the OBR to do the impossible in giving precise estimates on how government policies are going to deliver over five, 10, 15 years? Is that not an almost impossible exercise? Secondly, I would like to ask Dr Prieg which particular policies she has in m…”

“We have been talking about levels of debt but what is your view of how we measure debt in this country? Countries such as Germany measure it differently and if it were measured in the same way there, debt-to-GDP ratio would look a lot higher. Do you have a view on how we measure debt and whether that measurement blocks…”

“Is that not Ms Curtice’s point? The reason for focusing on the headroom is that we are in a very precarious position: if a bus is tilting on a cliff, you have to focus on millimetres.”

“There has been a lot of discussion about the fiscal rules and the degree to which they impede Government policy. Dr Prieg, how does the current conflict in the Middle East affect the fiscal rules? What challenges might it bring to our current fiscal framework?”

“I have a very short follow up question for Dr Prieg and any others who want to answer. Just focusing on policies that are maybe not scored in terms of their long term impact, the counter-argument—I am not saying I agree with it—would be that, if there was a problem with the scoring, you would have expected policies imp…”

“Ms Curtice, how would you reflect on that possible change to the way the Germans do it?”

“Do you think there would be a negative reaction from the bond markets if such a change were to be made?”

“I am grateful to the Secretary of State for his answer. As part of the armed forces parliamentary scheme, I was recently privileged to spend time in the High North, in Norway, with our Royal Marines and other armed forces personnel. It was a stark reminder of their service, and the sacrifice that they make to protect o…”

“5. What steps he is taking to increase pay for military personnel.”

“Dr Sen, I want to focus on the impact of the Iran war. Will you set out your view on the current impact on oil and gas, and on which is more affected?”

“How long would that position have to be sustained? Say that prices stayed as they are at the moment, for what period—”

“Can I ask a question on growth? There has been a lot of focus on the supply side of the economy, but some economists are pointing out that stagnation in living standards could be leading to a big issue on the demand side. They point out that if a strategy on living standards was more central to the theory of growth, th…”

“Do you worry that, having come under some criticism—or debate—around modelling around productivity and its impact last year, you could be missing it on the upside? Is that fair?”

“To return to the question on targeting, is there work, or should the Treasury be beginning work, with the Department for Energy Security to look at more targeted schemes to support consumers—even if it is planning and those decisions do not need to be made?”

“What impact do you think the Iran war will have on the economy and the UK’s fiscal position?”

“I have two follow-up questions. The first is on the productivity point and the work that the Resolution Foundation has done, particularly looking at payroll data rather than the labour force survey. What is your assessment of their analysis?”

“Finally, the electricity generator levy is, I believe, set at £75 per megawatt-hour. I asked this question in the House, but do you believe that it is set at the right level for it to be activated, or should the Treasury be looking at that? Should the Treasury potentially be considering whether that should be extended …”

“On the point about employment rights, is there an argument that this will lead to more productive employees? There is a lot of evidence that shows that greater security will lead to more productive employees, which is actually better for business. Is that part of the theory of growth as well?”

“On the point about the regularity of shocks, I think there is research showing that half the recessions we have experienced since the 1970s have been a result of energy price shocks. We are particularly exposed in the UK, and those shocks are arguably becoming more regular. Given the significant impact these shocks hav…”