Steel Industry
Debate between Sajid Javid and Ian Blackford
Sajid Javid
The EU Commission is doing a detailed assessment of the question of market economy status for China. We await the outcome of that, and then we will respond. It is worth reminding the hon. Gentleman that even if China was granted market economy status, it would not prevent us from taking action on tariffs.
Ian Blackford (Ross, Skye and Lochaber) (SNP)
We ought to remind ourselves what pensions are: deferred income. I have some concerns when I hear the Business Secretary talking about a scheme that could go from a deficit of £750 million to one of £1.5 million and end up, as a consequence of the proposed changes, in surplus. We should recall that that is cash that should go to pensioners. Before the House votes on the matter, as it will have to do, we need the full actuarial assumptions so that we can understand the implications. We need to have a proper and thorough debate on the matter and consider the consequences for other occupational pension schemes. These issues are very serious and must be debated fully.
Sajid Javid
I agree with the hon. Gentleman. Much more information needs to be available on any proposal that is brought to the House. As I say, the Government have not made a decision on this, but I think it is entirely responsible of the Government to listen to what the trustees have to say at this point—after all, they are legally responsible and have fiduciary responsibility for all their members—and to put these proposals in the consultation. Before action, if any, is taken, there needs to be a lot more information.