Stephen McPartland
Main Page: Stephen McPartland (Conservative - Stevenage)Department Debates - View all Stephen McPartland's debates with the HM Treasury
(8 years, 1 month ago)
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Simon Kirby
I thank the hon. Gentleman for recognising that this is the right thing to do. It is a difficult decision and it is, as ever, a balance between two conflicting viewpoints. My job as a Minister at the Treasury is about making sure that consumers are protected, that industries are regulated sufficiently, and that there is the very best possible deal for customers. Withdrawing this product, which is aimed at many old and vulnerable consumers, is absolutely the right thing to do.
Stephen McPartland (Stevenage) (Con)
I know that the Minister has very bravely taken this decision to protect the more vulnerable pensioners who are suffering, but what will he and the Treasury be able to do to ensure that pensioners on very low incomes who are trapped in difficult annuities can escape those punishing regimes?
Simon Kirby
We are looking at an economy that works for everyone, including those pensioners on low incomes. The Treasury will be considering this very carefully, but my hon. Friend will have to wait until the autumn statement to hear how we are best placed to deal with this. However, those people are absolutely at the centre of our attention, and we will do all we can to help.