Business of the House

Julian Lewis Excerpts

Wednesday 20th May 2020 Commons Chamber

[Mr Rees-Mogg]

I absolutely accept that it is a very important issue and that support for people with disabilities is crucial. The Government have a good record of supporting people with disabilities over the past few years, and that is something we will continue. The instance of covid-19 is a further reason to remember and to help people with disabilities.

[Dr Julian Lewis (New Forest East) (Con) [V]]

May I appeal to the Government for a statement on the plight of people, many approaching retirement, with endowment mortgages that are due to mature in the middle of this covid crisis? Such a statement would give the Government the opportunity to urge companies such as the Prudential to extend the maturation date until normality returns and the yield enables people’s mortgages to be cleared in the usual way.

[Mr Rees-Mogg]

My right hon. Friend is absolutely right to refer to people with endowments and the difficulty that they face. Having spent a lifetime—before politics intervened—in financial services, I can say that there is never an obviously right time to redeem investments, so the difficulty would be the Government intervening and setting a new time and that time not necessarily being any better than the existing time. I think that my giving financial advice from the Dispatch Box would be singularly unwise, but I will take up his point with the Treasury.