Business of the House

Matthew Offord Excerpts

Thursday 17th March 2016 Commons Chamber

[Chris Grayling]

This issue has been raised on many occasions over the years. When those pensioners moved, they were aware of the nature and structure of our pensions system. The issue has been considered by Governments of both persuasions, and it would cost many hundreds of millions of pounds to sort it out. I am afraid that the Government have no current plans to do so.

[Dr Matthew Offord (Hendon) (Con)]

Further to a previous question, can the Leader of the House ask a Treasury Minister to attend the Chamber to announce what representations the Treasury proposes to make, on behalf of individual bondholders, to the imminent Supreme Court hearing into the decision by Lloyds bank to redeem enhanced capital notes early rather than pay interest until contractual maturity?

[Chris Grayling]

I know that my hon. Friend has been pursuing this matter with great concern. Of course, we will debate the Budget over the next three days, and financial services will be part of that. I suggest that my hon. Friend takes advantage of that opportunity—the Chief Secretary will be here on Tuesday, for example—to raise the issue.