(6 years, 7 months ago)
Commons ChamberI pay tribute to my hon. Friend for his work as chair of the all-party group on Ethiopia and Djibouti and I assure him that the UK has provided assistance to more than 13.6 million people in east Africa and allocated £279 million in humanitarian aid to those countries this year.
(7 years, 2 months ago)
Commons ChamberWe will create two additional frontline squadrons from our existing fleet and extend Typhoon in service until 2040. The Typhoon’s capabilities are constantly evolving through initiatives such as Project Centurion. We will also upgrade our Chinook heavy-lift helicopter to extend its life into the 2040s.
(8 years, 9 months ago)
Commons Chamber9. If he will reopen the compensation scheme for Equitable Life policyholders.
The Equitable Life payment scheme has now successfully traced and paid 90% of eligible policyholders. Payments to with-profits annuitants will continue for the life of these annuities. The scheme is now closed to new claims.
I thank the Minister for that response, but given that many policyholders lost out because of a failure of regulation, which should be overseen by not just this Government but any Government, is it not fair that those policyholders should receive compensation? If they do not, how can any investor have any confidence in the regulatory system that is put in place?
The Chancellor has done more than anyone else to tackle the regulatory failure of the 1990s with regard to Equitable Life. For example, with-profits annuitants will receive full compensation for the life of the annuity, pre-1992 annuitants have received ex gratia payments of up to £10,000, and £775 million has been paid out tax-free to others, despite the constrained public finances. Those on pensions credit got a doubling of their payment just before Christmas.