Oral Answers to Questions

Gary Sambrook Excerpts

Tuesday 21st March 2023 Commons Chamber

[Jeremy Hunt]

The right hon. Lady is absolutely right to raise that issue. I said in the Budget that I would return with a full solution to those issues in the autumn statement, but ahead of that we will be making announcements on: pension industry reform, because we want to unlock the £5 trillion of assets in the pension industry; reforms to help companies scale up, so that they do not feel they have to move to other countries when they want to list; and, reforms to green finance so that people can access the capital they need. All those things will be a part of a comprehensive solution that we will be announcing shortly.

[Gary Sambrook (Birmingham, Northfield) (Con)]

T7. For quite some time, GPs and consultants in Birmingham tab="yes" have expressed their frustration and concern with the pension lifetime allowance cap. I welcome the measures in the Budget last week to abolish it altogether, which will mean that we will see more GPs and consultants practising. Does my hon. Friend agree that it will also mean we will see more teachers and headteachers in the classroom and more police officers on the beat?

[The Economic Secretary to the Treasury (Andrew Griffith)]

My hon. Friend is absolutely right. The measure will help public servants, hospital consultants, prison governors, headteachers and senior police leaders, which is why I agree with the hon. Member for Ilford North (Wes Streeting) when he said that removing the cap would save lives and that he himself would scrap the “crazy” cap.