Equitable Life

Debate between Geoffrey Robinson and Bob Blackman

Thursday 26th February 2015 Commons Chamber

[Bob Blackman]

I do not normally agree with the right hon. Member for Holborn and St Pancras (Frank Dobson), but he has said:

“They were not like the people who put their savings into outfits offering dubious and extraordinary returns, such as those who decided to chance their savings with the Icelandic banks. The Equitable policyholders are in their current position through absolutely no fault of their own.”—[Official Report, 14 September 2010; Vol. 515, c. 781.]

He went on to say that those at fault were Equitable Life, the Government and the regulator.

[Mr Geoffrey Robinson (Coventry North West) (Lab)]

Like other hon. Members, I congratulate the hon. Gentleman on securing this debate and on keeping this very important issue live. He must be aware that there will never be a right time in the Government finances to put this matter right. The Treasury may have made a small budgetary surplus over and above what it expected in January, but the fact is that the Treasury debt is still huge. It is as simple as that.

The only way round this problem is to say that there will never be a financially right time, only a morally right time. That time is now, given the long lag, which has been characterised by denials and evasions. They also occurred in the contaminated blood scandal, which was perhaps even worse. The only way to deal with this is to pay the £115 million that the hon. Gentleman rightly mentioned, and to have a clear statement about future year-by-year reductions in the outstanding £2.8 billion, which the Equitable Life policyholders have wholly earned and wholly deserve. They should be awarded the whole amount, because that is the only way in which this dreadful ill can be rectified.

[Bob Blackman]

I thank the hon. Gentleman for that intervention. It is a great shame that my hon. Friend the Member for Leeds North East (Fabian Hamilton) was almost the sole individual on the Labour Benches during the Labour Government who promoted a compensation scheme. I commend him for his efforts to get his Government to introduce one. I wish that other Labour Members had promoted such schemes.

Cigarette Packaging

Debate between Geoffrey Robinson and Bob Blackman

Tuesday 17th April 2012 Commons Chamber

[Mr Robinson]

I am grateful for that intervention. I do not think by any measure that I could be thought to be suggesting that plain packaging is going to be a magic wand to deal with counterfeiting in itself. It is not, so I agree that it will not be enough in itself. The point I am making—it seems obvious to me—is that the extent to which measures are failing at the moment clearly shows that prevalence is increasing and will increase further unless we get effective action by Government agencies. This is where the Minister has a key role to play in the Department. I shall try to prompt local government in Coventry and the west midlands to get active in this respect, but the Minister has an overriding responsibility to deal with the problem for the whole country, as it is indeed a major problem.

[Bob Blackman (Harrow East) (Con)]

I am grateful to the hon. Gentleman for giving way; he is making a powerful case, with which I completely agree. Does he agree that one problem is that the industry has gone about deliberately marketing its products to young people in the form of lipsticks, CD covers, thins and other ways that attract young people to take up smoking, which they can then never cure?

[Mr Robinson]

I agree entirely with the hon. Gentleman, and I am very pleased to say so. He mentions some of the advertising gimmicks and marketing subterfuges to which the industry has stooped. The evidence that this is achieving success lies in the fact that two thirds of those currently smoking started when they were younger than 18. That is why we have to deal with this matter and take measures to deal more effectively with the counterfeiting problem.