Speeches by Yang.

“I want to go back to the question about risk appetite. It seems to be something that many on this Committee are concerned about—that the National Wealth Fund will have a sufficient risk appetite, rather than simply delivering things the private sector could already deliver. How much of this comes down to institutional …”

“I strongly congratulate the Chancellor on the impact she has already had by reforming the way the Treasury works, in particular to unlock the capital investment that we need for the future of our economy. I also commend her for her commitment to future generations through her funding for schools and the extension of fr…”

“Mr Rathi, in our session with banks a few weeks ago, we talked about the risk of AI amplifying bias. One of the panellists said that they would expect to share any major use of AI with the regulator. Other panellists mentioned that there is already a schema for regulatory access and said their bank was involved in a si…”

“How do you expect to pick up those outcomes when it comes to financially excluded groups?”

“Mr Rathi, I have some questions about the use of AI and the risks of algorithmic bias. First, on hyper-personalisation, you have previously talked about the risks that that might make some groups too hard to bother with—i.e. that they may be further financially excluded—and that the use of AI can entrench that even fur…”

“You say you track the outcomes on several measures, and it would be interesting for the Committee to know what kind of measures you are using, if you could provide us with a list.”

“Do those measures include ones relating to financial exclusion, discrimination and so on?”

“Is there any benefit from not just having cross-regulator and cross-agency conversations but including cross-industry voices in house building, when it comes to the housing supply side of that conversation?”

“I will continue with Dr Jeevun Sandher’s theme. When we had the banks in a few weeks ago, we had a general discussion in which they seemed to feel that, broadly, mortgage lending is a low-risk endeavour for them. They were quite optimistic about the potential of expanding the affordability tests to include more first-t…”

“I stand with my hon. Friend the Member for Sheffield Central (Abtisam Mohamed). She and I were denied entry to Israel only two months ago, and one of the reasons given was our advocacy for the sanctions that the Government have introduced today. I stand by my comments and by the Government’s decisive action today. As t…”

“There has been a lot of writing about how wealth inequality increased over the pandemic period. Asset price inflation also increased. Those are gross figures, as far as you know. Is it possible to have the—”

“I will turn to our previous theme of compliance and the tax gap, but I want to bring in something that we have known about for a number of weeks, which is the National Audit Office’s report from May entitled “Collecting the right tax from wealthy individuals”. First, I wanted to pin down some questions about the data—p…”

“I have one final question in this area about the impact. There has been a lot of media speculation—I am sure you have all seen it—on the impact of the non-dom reforms. As far as I can tell, it has been quite difficult to see any data on the outflows of people emigrating or moving their assets. The most commonly cited r…”

“One of the recommendations from the National Audit Office report was that there should be an impact assessment of merging the affluent individuals and high-net-worth individuals units into one big unit called the wealthy unit. The kinds of tax non-compliance that might occur by, let’s say, a very well-paid senior civil…”

“As far as I gather, HMRC does not gather data on wealth systematically. I would be interested to know how that information is arrived at by HMRC. Perhaps that is for the follow-up as well.”

“Finally, the Cabinet Office is now conducting an inquiry into the ONS. I was wondering whether the Bank is involved in that.”

“Governor, I am going to return to our favourite multi-part drama, the labour force survey.”

“I noted that you have had Bank staff estimating a new model for employment growth, as you detail in the report, which shows that it is flat or possibly decreasing compared to the ONS. The Bank and perhaps other agencies are now having to substitute your own staff resource for the lack of clear signals from the ONS.”

“We were told by the outgoing national statistician that the improvements to the labour force survey should have fed through by May of this year. Do you feel they have fed through?”

“It is possible for an American private equity company to walk away from Thames Water, but my constituents cannot. When water company bosses fail, it is our residents who pay: in sewage discharged into rivers and in their crumbling pipes and drainage. I am therefore glad that the Government have taken bonuses off of fai…”