Oral Answers to Questions

Margaret Ferrier Excerpts

Tuesday 22nd June 2021 Commons Chamber

[John Glen]

I congratulate the hon. Lady on her recent elevation. I take her points on board, but this is a complex area. There will need to be a range of interventions from industry, working with regulators. The LINK scheme already has a £5 million fund to help areas of great deprivation and provide extra access points for cash, but we need to recognise that technology will have to play a significant role. We will also use the extensive network of 11,500 post offices to make good on our pledge to ensure that access to cash remains available across the country.

[Margaret Ferrier (Rutherglen and Hamilton West) (Ind)]

If he will make a statement on his departmental responsibilities.

[The Chancellor of the Exchequer (Rishi Sunak)]

As we have reopened our economy since the last lockdown, we have continued to provide extensive support through our £400 billion plan for jobs, protecting businesses, families and individuals. I am pleased to say that the early data on household incomes, employment, corporate insolvencies and consumer and business confidence all show that our plan for jobs is working.

[Margaret Ferrier [V]]

Following the Treasury’s announcement of compensation to cover up to 80% of the losses of holders of mini-bonds with London Capital & Finance, will the Chancellor now also act to provide full compensation to the victims of another scandal, the collapse of Equitable Life? The vast majority have received just 22% of their losses.

[Rishi Sunak]

I very much appreciate the hon. Lady’s raising the issue. She will know that the matter has been extensively discussed and debated for many years. The matter, after review, has been concluded and closed and is final in all respects.