Equitable Life Policyholders: Compensation

Rebecca Pow Excerpts

Thursday 23rd March 2017 Commons Chamber

[Bob Blackman]

I believe that this is a debt of honour. I do not expect my hon. Friend the Economic Secretary to the Treasury to announce that he will open the Treasury chequebook and pay the full compensation today. I have sympathy with the suggestion that, because of the most recent decisions on national insurance, the Budget has not yet been brought into balance. As the motion states, however, I believe that in the long run, as the economy recovers, this debt of honour should be satisfied, and I think that there is a way to do so within the remit of the legislation and the capability of the Treasury.

[Rebecca Pow (Taunton Deane) (Con)]

My hon. Friend is making a very good case. I, too, have been contacted by many constituents about this issue. I understand the Government’s position, but the public finances are looking better than they were when this all hit and we have cut the deficit by two thirds. On behalf of my constituents, I urge the Government to continue to look at the matter to see whether they can help these very deserving people, and I am sure that he will support me.

[Bob Blackman]

As I have said, this is a debt of honour and the economy is recovering. In the long term, we should compensate in full all those who suffered, through no fault of their own. We are encouraging people from across the country to invest in savings for their retirement, so they need to know that the regulator and the Government will safeguard and look after their savings and make sure that they are not short-changed as the vulnerable people we are discussing have been.