Oral Answers to Questions Debate

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Department: HM Treasury

Oral Answers to Questions

Paul Maynard Excerpts
Tuesday 10th September 2013

(11 years, 3 months ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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I could give a more extensive answer and point out that, in Glasgow North West, which the hon. Gentleman represents in this Parliament, the claimant count is down this year and employment is up. In other words, we are turning the corner and putting right what went so disastrously wrong under the previous Government.

We have now had 50 minutes of this Treasury Question Time, and we are hunting for a Labour economic policy. We have not heard one advocated yet; maybe we will get one soon.

Paul Maynard Portrait Paul Maynard (Blackpool North and Cleveleys) (Con)
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T2. Many of my constituents have been adversely affected by the troubles at Equitable Life. May I please ask the Chancellor, on their behalf, for an update on the Government’s position?

George Osborne Portrait Mr Osborne
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I said in the Budget that we would make special ex gratia payments to Equitable Life policy holders who had bought their with-profits annuity before 1992. I said that we would try to make those payments as soon as possible, and I am pleased to be able to tell the House and the constituents of my hon. Friend, who represents them so well, that we can make those payments in this financial year, rather than in the next one as we originally predicted. We will shortly be writing to those annuitants with more information, but I can confirm that they will receive the money directly, without having to make an application. We are doing this not because we are legally obliged to do it but because, quite simply, it is the right thing to do.