Equitable Life

Peter Bottomley Excerpts

Thursday 22nd July 2010 Commons Chamber

[Mr Hoban]

I accept that point. It would have been better if this whole process had started much sooner and we could have given policyholders much more assurance. We will not be able to determine how much will be paid to policyholders until we go through the spending review process, but I have committed to return to the House in October to say how much will be allocated by way of compensation. That pot of compensation will then be allocated by the independent commission.

[Peter Bottomley (Worthing West) (Con)]

I am a member of EMAG, but I will not take any compensation for my own benefit.

May I put it to my hon. Friend that his statement will be welcomed? However, although no one thought that £4 billion was likely to come, most of my constituents—I probably have more than most who are affected—would regard £400 million as less than they expected. About £1 billion would be far more likely to be acceptable and proper.

[Mr Hoban]

As I said in my statement, we need to look carefully at Sir John’s report and the basis on which he calculated losses, and we will feed that into the spending review process. However, I take on board my hon. Friend’s points.