Dan Jarvis
Main Page: Dan Jarvis (Labour - Barnsley Central)Department Debates - View all Dan Jarvis's debates with the HM Treasury
(2 years, 3 months ago)
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John Glen
I thank my hon. Friend for his question. He has a long-standing interest in the issue. The difference between the two is that people received compensation from Equitable Life on the basis of relative losses, which is the gap between what they received from their policy and what they could have expected from investing in a similar product. With LCF, the bondholders were expected to lose the majority of their principal investment and stood to get less back than they put in. The schemes were looked at in the context of their respective instruments and appropriate support was given. There are no plans to open up compensation for Equitable Life again.
Dan Jarvis (Barnsley Central) (Lab)
The Budget confirmed that total funding through the UK shared prosperity fund will, at a minimum, match the size of EU funds in each nation, and in Cornwall. If the Treasury were to do the same with all the other less-developed regions, as it should, South Yorkshire would be on course to receive £900 million of investment over the next seven years. Will the Chief Secretary to the Treasury give an assurance that we will get our fair share?
Mr Simon Clarke
I have the highest regard for the hon. Gentleman, and he is a doughty champion for the people of South Yorkshire. The levelling up White Paper will be a key moment in setting out our plans in that space, and my right hon. Friend the Secretary of State for Levelling Up, Housing and Communities will be coming to the House shortly to set out our plans in that regard.