Oral Answers to Questions
Debate between Jeremy Quin and Simon Kirby(7 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Jeremy Quin (Horsham) (Con)
Alongside other elements driving recent extremely successful purchasing managers’ index surveys were seven consecutive months of export growth. Does the Minister agree that this is a fine way to underpin our already record rates of employment?
Simon Kirby
I agree. The PMI surveys show significant resilience in the UK economy since the referendum. The Prime Minister recently made it clear that we will make a success of leaving the EU.
Sale of Annuities
Debate between Jeremy Quin and Simon Kirby(7 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
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Simon Kirby
Let me deal with the points in reverse order. The hon. Gentleman will have to wait for the autumn statement to see what the finances look like, but it became increasingly apparent that not only was it not a good deal for consumers—those vulnerable people who we care about—but it was unlikely to provide the kind of income that had first been expected. We consulted extensively with the industry and consumer groups. I had many conversations with the Department for Work and Pensions, and particularly with the Parliamentary Under-Secretary of State for Pensions. The hon. Gentleman asks where information will be provided. The Government are introducing a new money advice service that will provide such information.
I shall finish with a quote from the Association of British Insurers, in whose interest the hon. Gentleman might suppose it was for us to continue with the policy. The ABI says:
“This is the right decision for the right reasons”
and that there were
“considerable risks for customers, including from unregulated buyers”.
We do not want to see unregulated buyers out there or vulnerable people affected.
Jeremy Quin (Horsham) (Con)
Does my hon. Friend agree that for a market to work, buyers as well as sellers are needed? To try to create a market where there are not both is an impossibility, and to have done so would have led to a potential disaster for consumers.
Simon Kirby
As ever, my hon. Friend makes an excellent point. There were very few people interested in buying those products, which would have resulted in a very poor deal for customers. The market was not big enough to provide value for money and on that basis we decided not to proceed.