Equitable Life

Christopher Chope Excerpts

Thursday 11th February 2016 Commons Chamber

[Bob Blackman]

We must find a further £2.6 billion to meet the commitment that all of us signed up to. Those of us who made that pledge said that we wanted full and fair compensation, and the Chancellor made it clear at the Dispatch Box that that was the figure, although he was only able to come up with £1.5 billion at the time. The shortfall is now £2.6 billion. I could go through a whole list of other things that the Chancellor has found money for but that have perhaps less merit than the plight of those elderly people who invested their money.

I do not expect the Minister suddenly to say, “Don’t worry, we’re going to provide all the money. Here it is”—it would be good if he did—but the Chancellor will be at the Dispatch Box on 16 March to deliver the Budget, and I hope that he will announce further compensation for the pre-1992 trapped annuitants so that they receive full compensation. I also hope he will confirm that none of the money that has already been pledged will be clawed back at the end of the scheme, and that further moneys will be made available as and when that is allowed in the Treasury forecast.

[Mr Christopher Chope (Christchurch) (Con)]

I am grateful to my hon. Friend for all his work on behalf of the victims of the Equitable Life saga. It surprises me that the Treasury has not yet conceded that it will have to spend the £139 million that it has in its coffers on this compensation, as it expected to, rather than take it as a windfall. Surely that is the starting point.