Philip Davies
Main Page: Philip Davies (Conservative - Shipley)Department Debates - View all Philip Davies's debates with the HM Treasury
(9 years, 2 months ago)
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Bob Blackman
It is fair to say that the all-party group and EMAG have been on the backs of the Treasury Ministers responsible. The current Minister is in her place. Her predecessor, my right hon. Friend the Member for Bromsgrove (Sajid Javid), was very helpful in making sure that the scheme was speeded up and that people got the compensation due to them. Most importantly, he decided that he would not close the scheme, which could have been done under the legislation, until we had traced every one of the policyholders due for compensation.
Philip Davies (Shipley) (Con)
May I commend my hon. Friend on all his work on this issue over several years? Is not the crucial point in the motion that, with the public finances improving, the compensation already paid should not be considered the last word on the matter, and there should be more room to give proper compensation to people who need it? As I am sitting next to my right hon. Friend the Member for Sutton Coldfield (Mr Mitchell), may I ask whether my hon. Friend understands the frustration of many people that the Government seem to have plenty of money to spray on things such as overseas aid and aid to India, which might be better spent on such compensation to people in this country?
Bob Blackman
The clear issue is that when the assessment was made of the amount of compensation due to policyholders—this point is crucial—it was decided that £4.3 billion should be paid in compensation. Clearly, £1.5 billion has been allocated, although it has not all been spent, as my right hon. Friend the Member for Sutton Coldfield (Mr Mitchell) mentioned, meaning that a compensation bill of £2.8 billion is still outstanding.
The Prime Minister quite rightly said at the Conservative party conference that as the economy recovers and we fix this country’s problems, tax rates will come down, but I would say that there is a still a bill to be paid to the people who saved for their retirement. Therefore, as the economy recovers and the public purse allows, we should compensate policyholders who have suffered a relative loss, as we committed to do at the last general election.