Speeches by Yang.

“You mentioned the liability-driven investment crisis that happened in late 2022. Have we—has the FPC—learned the right lessons from that crisis?”

“When you talk about the increased risk premia of UK gilts, how much of that is still down to the damage done by the 2022 Truss Budget that you mentioned, and how much is down to fresh factors since then?”

“Is there a world in which we need more of that extreme case modelling to be better supervisors, better regulators?”

“Professor Blyth, you mentioned in your questionnaire that you have been particularly interested in the complex dynamics of the gilt market—a particular interest that I think we all now share in the UK. Could you speak a little about what you see as the main vulnerabilities in the gilt market, and whether you think that…”

“Last month, I held a SEND community consultation in south-east Reading in my constituency, attended by over 60 parents, children and local experts. We all agreed that the current system is broken, and one of the young people, Megan, spoke about the feeling of being let down by the system and constantly fighting a never…”

“The previous Treasury Committee wrote a report about tax reliefs; there are over 100 non-structural tax reliefs, costing roughly the equivalent of the NHS budget each year. I have a question for anyone on the panel: how have we come up with so many tax reliefs? And is there any evidence out there that they do what they…”

“Do you think such a shift should be implemented via a tax switch? If so—I appreciate that this is a slightly philosophical question—do you think that such a switch would break Labour’s manifesto promises?”

“Does the panel feel that HMRC is underequipped at present to administrate a modern tax system?”

“I am going to move from the countryside to our towns and cities, and I will talk about rental profits. Ms Curtis, the Resolution Foundation has suggested broadly shifting from national insurance to income tax to create a more level playing field between different types of income. What would be the impacts on growth and…”

“What kind of fixing needs to be done?”

“On that final point made by Professor Advani, in the summer our sister Committee, the Public Accounts Committee, reported that HMRC does not know how many billionaires pay tax currently in the UK. Why is HMRC in that position and how quickly can it be fixed?”

“There is some nodding in the panel. Is the panel in furious agreement, or does anyone want to add anything?”

“Is your proposal the equalisation of those rates with income tax?”

“Mr Neidle?”

“Turning to wealth taxes—a topic that has come up very frequently recently—Professor Advani, you were part of the commission on wealth taxes a few years ago. Could you start off by just describing what wealth taxes are and why the commission came to the conclusion that we should fix our current wealth taxes in the UK?”

“Would anyone on the panel like to suggest how the Government could start to evaluate and rationalise tax reliefs?”

“I deeply welcome this long-awaited ceasefire and the release of the hostages. I thank the Prime Minister and his Ministers for their tireless work and international leadership on this front, including in the upcoming Gaza recovery summit, which is to be held in the UK later this week. I am glad to hear of the Prime Min…”

“I thank my hon. Friend for securing this debate. Last night I co-hosted an event in Parliament for Wael al-Dahdouh, the former bureau chief of Al Jazeera in Gaza, whose family members have been killed, and five of whose colleagues were killed during a double strike on a hospital only a few weeks ago that also killed fo…”

“My hon. Friend’s stories remind me of stories that I hear in Reading, in my Earley and Woodley constituency. Angie is a nursing associate in the NHS, and her daughter wishes to study paramedic science and also work in the NHS. However, for that to happen, Angie’s daughter needs a route to settlement in order to be elig…”

“Governor, in your recent monetary policy report you have a section describing how Bank staff have updated their analysis of the effects of QT on gilt yields, which, as my colleague Chris Coghlan mentioned, impacts the cost of borrowing for the Government. It concerns me that your Bank estimate now suggests that there w…”