Speeches by Yang.

“That is not what you did at the time.”

“Would you propose that this Labour Government continue with its plans?”

“And you felt those were more effective than keeping Sure Start?”

“Mr Osborne, you mentioned that you do not regret scrapping Sure Start because there could have been other investments in early years that would have been more effective. Did you make those other investments?”

“We were not in the euro at the time.”

“To add to the point about capital, Mr Osborne, you mentioned in an interview that you regret the amount of capital cuts that you made during that period. You just mentioned that you attempted to course correct. Why was there the attempt to cut capital spending at a time when interest rates were almost zero, so you woul…”

“But that is not what residents will feel.”

“You mentioned what is in the political textbooks: the political incentive to spend down the whole headroom, in effect handing over to a new Government without any rainy-day reserves in case of turbulence. Under that logic, every five years there would be a running down of headroom, then a huge Budget, then a running-do…”

“Mr Osborne, you mentioned that it is more difficult to raise than to lower taxes, and earlier that the Government are, to some extent, a victim of the low headroom—£10 billion in headroom, which is the same level as under Jeremy Hunt, post-2022, and a lower headroom than before the pandemic. Do you feel that it was irr…”

“Sir Vince, is there anything you want to add to that description?”

“Mr. Osborne, you mentioned at the start of that answer that the Treasury overruled you. Could you go a bit more into the detail of that?”

“You both mentioned the mansion tax and revaluing some council tax bands, which was a coalition Government proposal from back in 2012. I am curious about the political economy of that. What were the difficulties in discussing that within the coalition and getting that enacted? What do you think would be the challenges n…”

“What would you like to see instead?”

“Just to start, I have a very quick yes/no question to summarise a lot of what we just discussed. Do you believe that lifting the two-child limit is the most effective way of reducing child poverty with the amount of money that it would take? I am thinking about its cost-effectiveness.”

“Would you agree with Professor Stewart that we should see a more fundamental reform of the benefit system, so that we do not need to have this uprating conversation every few Treasury Committees?”

“Finally, what are your range of costings for removing both the two-child limit and the benefit cap?”

“So over time, the number of families affected by it will simply increase, unless it is changed in itself?”

“And the cap itself does not move automatically over time?”

“We have just discussed the benefit cap and the impact that has on the poorest families. Dr Cribb, in the IFS evidence that we have received, there is a statement saying, “But the benefit cap would wipe out the gains”—of reversing the two-child limit—“for some children in the very poorest families.” That is talking abou…”

“Does anyone else want to come in?”