Equitable Life

Baroness Morgan of Cotes Excerpts

Thursday 22nd July 2010 Commons Chamber

[Mr Hoban]

Many hon. Friends have raised that issue with me in debates in recent weeks, and I have asked my officials to look carefully at it. I have also thought through very carefully how we could make such a proposal work, but I am yet to be persuaded that we can do so in a way that is fair to policyholders who might not receive an interim payment.

[Nicky Morgan (Loughborough) (Con)]

I congratulate my hon. Friend on his announcement. Many of my constituents will be delighted at the speed with which he has tackled the matter. I noted the shadow Chief Secretary to the Treasury’s apology, but also that it was limited to Equitable Life policyholders. He did not apologise for the fact that the economic situation left behind by the previous Government has limited necessarily the payments that my constituents and others will receive. Should his apology extend to that?

[Mr Hoban]

I am not going to refer to the letter that the former Chief Secretary left for his successor, but I must say that I did not get one from him on Equitable Life.