Equitable Life

Debate between Alex Chalk and Bob Blackman

Thursday 31st January 2019 Commons Chamber

[Bob Blackman]

It is clearly a view that people are not saving in the way in which they used to. Young people are being discouraged from saving as a result of what they see as the scandals that took place.

[Alex Chalk (Cheltenham) (Con)]

I join others in commending my hon. Friend on the extraordinary campaign that he has led. Does he agree that not only is this a debt of honour, but that the Treasury can take comfort from the unique circumstances of the case in terms of the fault that was found with the Government and other regulators to know that this would not open the floodgates? The matter stands on its own terms, and the Government can do the proper thing of compensating people without fearing that that will have some enormous knock-on effect.

[Bob Blackman]

Not only that, but if the compensation was paid out, because the people involved are vulnerable and retired or likely to retire soon, the Treasury would see the money repaid and put into the economy straightaway, not put away for a rainy day.