Sir Christopher Chope

Let us put the issue in context. The headline today is that we now have £3 trillion of national debt, which represents an increase of £1 trillion over the last six years. That debt has accumulated largely because of Treasury neglect and bad policy. The Treasury continues to talk about having low interest rates and an inflation target of 2%, but as we now know, it consistently allows inflation to be above 2%, with the most recent figure being 3.5%. That erodes the value of people’s pensions. Under successive Governments, the Treasury has behaved appallingly on the Equitable Life pensioners. I congratulate the hon. Member for Leeds North East (Fabian Hamilton) on securing this debate and introducing it so well. He asked four pertinent questions—nice, easy, simple questions—and I hope that the Minister will answer each of them affirmatively in his response. My interest in this subject goes back many years, not only because my constituents were badly affected by the collapse of Equitable Life, but because I was a shadow Treasury Minister when the Treasury set up Lord Penrose’s inquiry into the scandal. That inquiry is another example of the Treasury delaying the process to try to kick the can down the road. Although the inquiry was initiated in 2001 and Lord Penrose reported to the relevant Treasury Minister at the time, Ruth Kelly, in December 2003, it was three or four months before the Treasury deigned to publish his report, and another four years after that before the publication of the ombudsman’s report. In setting up the inquiry, the Treasury deliberately prevented Penrose from finding issues of maladministration. The Treasury has been complicit in denying the victims of regulatory failure the compensation to which they should have been, and still are, entitled. Successive Governments are responsible for allowing this appalling saga to continue. Today, the Minister has the opportunity to change that and restore public confidence in the Government, the blob and the way in which such things are administered. Earlier I asked the question: who regulates the regulators? If a regulator is in place and that regulator falls down on his responsibilities, people expect that there will be some redress, but that does not seem to be accepted at the highest levels in Government, so I hope that that can change. This issue is not going to go away. That is a tribute to the persistence of parliamentary colleagues, the EMAG campaigners and our constituents, who are behind all this and who are saying, “What has happened to this extra money? Why can’t we have it paid out to us?” I said at the beginning that in the context of where we are with the national debt, this is very small beer, but it is not the money so much as the principle that is important, and I think that the principle is overridingly in favour of paying out what is due to these people, who were victims of Government maladministration.