David Mowat
Main Page: David Mowat (Conservative - Warrington South)Department Debates - View all David Mowat's debates with the HM Treasury
(8 years, 2 months ago)
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Antoinette Sandbach
I am sure that the Exchequer Secretary has listened to the hon. Gentleman’s submission and I have no doubt that he will pay due regard to it. The Government have announced that payments to non-profit annuity policyholders who are on pension credit will be doubled, so some action has been taken, but we will not get to the heart of the unfairness until the regulatory failure has been properly addressed. That is what I am arguing for on behalf of my constituents.
We know that there are difficult spending decisions to be made, but these people trusted the system and paid in, in good faith, over many years, only to find that there has been consistent, repeated and unwarranted failure of regulation, and that it was so bad that there was found to be maladministration. In such circumstances, our constituents should not be having to pay the price for the failure of Government.
David Mowat (Warrington South) (Con)
My hon. Friend has mentioned difficult spending decisions—which is true, to an extent—and the £139 million, which has already been voted through by Parliament. It would be completely wrong for that not to be used for additional policyholders, if they can be found. Indeed, if it were not used for that purpose, it would represent a windfall for the Treasury in this fiscal year, which cannot be the right answer. I am as interested as my hon. Friend is to hear the Exchequer Secretary explain the plans for that £139 million.
Antoinette Sandbach
The Exchequer Secretary would be in danger of undoing all the good work the coalition Government did in setting up the fund in the first place if he were seen to be mealy-mouthed, if I may put it that way—I know he most certainly is not—and were to withhold those funds and to seek to bring them back into the Treasury, given the huge injustice suffered by the policyholders.
I am not going to take up much more time, Minister, because I know that you have other Members to hear from. I urge you please to look at the settlement and at what you can do to support those who are in desperate straits, including constituents of mine, and to do the right thing.