Thursday 24th February 2022

(2 years, 9 months ago)

Lords Chamber
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Lord Callanan Portrait Lord Callanan (Con)
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My noble friend makes a very good point. Again, let us wait for the outcome of the inquiry to see exactly where the blame lies and what suitable redress can be provided.

Viscount Stansgate Portrait Viscount Stansgate (Lab)
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My Lords, can the Minister remind the House whether the compensation that is due to the people who have suffered this terrible injustice extends to the consequential effects on the lives of those who have been declared bankrupt?

Lord Callanan Portrait Lord Callanan (Con)
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It is a complicated picture. There are a number of different compensation streams. There are the original GLO participants who took the case to the High Court. The problem there is that that case was settled—the point that I was making earlier—although there is considerable pressure, with which I sympathise, for them to be compensated further. There is the historical shortfall scheme and then there is the compensation due to those who probably suffered more than anyone, in that they were prosecuted, found guilty and often jailed or bankrupted accordingly. So there are a number of different compensation streams, and we need to make sure that everyone receives the compensation they deserve.