Torsten Bell

I welcome the tone of the shadow Minister’s remarks. I obviously absolutely agree with him that customers deserve better and they deserve reassurance. I have tried to provide that today by setting out what we are doing, and giving everybody reassurance that their savings are 100% safe and are guaranteed by the Government. The hon. Member asks why we have come to the House today. This has been the intention for some time. As he says, we were notified in December. During that period, we have reviewed the over 34 million cases of customer records, as I mentioned, and have put in place the process to ensure that we have fixed this problem as we go forward, so that we can provide the reassurance for customers that I know we both want. I have also put in place the change of leadership that I have set out today, about which the hon. Member asked. I can confirm that the former chief executive of NS&I has resigned today and that he did not receive a bonus last year. The hon. Member asked about the cost to taxpayers. There has been some deeply misleading reporting over the course of the last 24 hours, so I want to be absolutely clear: the money we are talking about returning to estates belongs to those estates—it is their money. The returning of people’s money to them is not a liability to other taxpayers; it is the right thing to do, and that is what is going to take place. The hon. Member asks whether it would have been reasonable to have expected the previous Government to act. I am sure that he would rightly note that NS&I is operationally independent; I think the challenge comes given that it became clear in around 2018 that there were significant problems in this area—I mentioned the Santander case in particular—and there was widespread coverage at that time; within NS&I, people realised that this could pose problems for them. The hon. Member has taken an excellent tone today. I was less impressed to read the comments of the shadow Chancellor, the right hon. Member for Central Devon (Sir Mel Stride), in the Telegraph, in which he talked about a “staggering failure of oversight”—he was the Treasury Minister in 2018 when the Santander case came forward! As often, the hon. Member for Wyre Forest (Mark Garnier) has shown better judgment than his superiors. Then again, the right hon. Member for Newark (Robert Jenrick) has also talked about “incompetence on a staggering scale”, which is an irony given that he, too, was a Minister in the Government carrying out the incompetence to which he refers. I broadly welcome the way in which the hon. Member for Wyre Forest has conducted himself today. It is absolutely right that we provide the reassurance to taxpayers and, most importantly, to savers with NS&I; I hope that I have done so today.