Mark Spencer
Main Page: Mark Spencer (Conservative - Sherwood)
Anna Soubry
I am getting worried, because, increasingly, the hon. Gentleman and I agree about so many things. I am sure that he is as worried as I am.
The hon. Gentleman has made a serious point about the way in which developments like this affect everyone, especially people who have been in their jobs for a long time. The hon. Member for Hartlepool (Mr Wright) has left the Chamber now, but I have visited the Hartlepool steelworks, and I know that people have been working there for up to 30 years and paying into a pension fund in the expectation that when the moment comes for them to retire, they will have a certain amount of money on which to live, perhaps a lump sum. I think that there is an increasingly good case to be made for the right thing to be done by people who have given long service, paid into a pension fund, and have themselves done the right thing. It seems particularly cruel for a large amount of money to be taken from them, especially given their age.
Mark Spencer (Sherwood) (Con)
I trust the Minister recognises that it is the administrator who is in charge of this whole situation. Will she encourage the administrator to look forward, not back, and will she ensure that the administrator understands that the best way in which to protect people’s pensions and jobs—and the creditors—is to find a credible buyer for the group?
Anna Soubry
I entirely agree. My hon. Friend has made an important point. The administrators have been appointed, and there is no doubt that they will make every effort to do the right thing by everyone—which, of course, means both the workforce and the creditors—and to ensure that there is a successful sale. The Insolvency Service also has an important role, and I am confident that it, too, will play its full part. However, we also need to be confident about stores remaining open and workers remaining in work, so let us make sure that the administrators secure a buyer.