Equitable Life Debate

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Department: HM Treasury
Tuesday 20th July 2010

(14 years, 3 months ago)

Westminster Hall
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Baroness Blackwood of North Oxford Portrait Nicola Blackwood
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I agree entirely. A key concern during the general election campaign was the fear that the saving culture in this country, which for so long had been part of our economy, had been completely destroyed. We must do everything we can to avoid entrenching that destruction.

Andrew Smith Portrait Mr Andrew Smith (Oxford East) (Lab)
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The hon. Lady, who is my fellow Oxford Member, makes her case passionately and effectively. Is not the crucial point that we get a commitment to transparency and fairness, which is what EMAG has been calling for, and that it would therefore be helpful to hear from the Minister on how the coalition Government intend to change and enhance the remit that was given to Sir John Chadwick?

Baroness Blackwood of North Oxford Portrait Nicola Blackwood
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Transparency must clearly be at the heart of any process we now embark upon. As I have said, with trust at an all-time low, the only way we can ensure a process in which all partners can take part is by showing that we are not in some way trying to brush under the carpet some of the problems that the previous Government did.