Member

I simply stress that these issues have been around for a long time, and no previous Government have done anything about any of them. This Government have acted where previous Governments have not in making the decision; however, it has been difficult. We had to strike a balance between the needs and interests of all parties, including members, levy payers and taxpayers, and the PPF’s ability to manage future risk. We believe that our approach, providing prospective pre-1997 indexation to eligible PPF and FAS members, strikes the right balance. I know that that will be disappointing to the noble Baroness, but I regret that it is the Government’s position. We think we have gone a long way, but that is as far as we can go. I hope she will feel able to withdraw her amendment.