Speeches by Yang.

“The FCA and the PRI say that many societies hold capital well in excess of their regulatory requirements, and it is not regulatory requirements that drive this excess accumulation of capital; there is something else going on in the sector. Do they have the right appraisal? Is that the appraisal you would make of the se…”

“Mr Bland, I saw you shake your head. Do the regulators have it wrong when they assess that many societies are holding capital well in excess of their requirements?”

“Ms Harrison, is there anything from your perspective that you would like to see in the report?”

“Is this at the very early stages of setting out a timescale for those projects? Where are you in that project establishment?”

“Mr Bland, coming on to the regulators: you have already mentioned the Mutuals Landscape Report and how that has deepened the understanding of regulators and the Bank on the situation facing your sector. Is there anything missing from that report that you would have liked to have seen?”

“On capital requirements, you say the UK has requirements in excess of international comparators. In the Mutuals Landscape report, the regulators write that many societies hold capital well in excess of UK requirements. Given that the level of capital that your members hold is still well above even the UK requirements, …”

“Mr Bland, what about your conversations with the regulators on the “What next?”?”

“But that is on the side of Treasury rather than the regulators’ understanding?”

“I thank the Home Secretary for the Government’s focus on funding for neighbourhood police patrols, which has enabled Thames Valley police to form a new anti-shoplifting unit in Reading. Retail crime is still far too frequent and blatant in our shops. Will the Secretary of State or her Ministers come to visit the newly …”

“3. What steps he is taking to improve relations with the EU.”

“The inflation figures out yesterday show that despite the Government’s good progress on energy prices, food inflation remains stubbornly high. Even the price of a Tesco meal deal is stuck at £4.25. The Government need to make food and life more affordable, so will the Minister update us on his negotiations over agrifoo…”

“Earlier this week, my team and I secured a £12,000 refund from Thames Water for one of my constituents whose pipes had been left to leak for almost half a year. Half a year ago, when I first met Thames Water bosses, I asked them to explain how they would be using higher bills to pay for better pipes and infrastructure …”

“To finish on my favourite topic, quantitative tightening; as you know, since we last met, the MPC has cut the annual pace of quantitative tightening overall from £100 billion to £70 billion a year while at the same time increasing active sales of gilts. Ms Oakes, do you think this overall package will improve gilt mark…”

“Is your assessment that you do not think supply is an issue right now?”

“Was your concern at the time about the active sales and the rate of absorption? Is that what you are saying?”

“Thank you. Mr Hall, do you have any other thoughts on this?”

“I was wondering whether any other members of the panel had any concerns about this lowering of the capital requirements.”

“Sir Dave, just to go back to your letter; you mentioned that the decision to cut its benchmark should make banks feel more comfortable to deploy the capital they have and support growth in the future. I was wondering whether this measure came about primarily as a result of a search for measures to increase growth or, a…”

“In your report, you write that there are still pockets of vulnerability when it comes to UK corporate debt among SMEs and highly leveraged corporates, including private equity-backed businesses. I was wondering whether one of the external members might want to describe what particular concerns they may have concerning …”

“That assessment is one that applies generally to the issues facing those highly leveraged companies at any point in time. I was wondering whether there are particular vulnerabilities that you see facing SMEs and private equity backed businesses right now in 2026.”