Kate Green
Main Page: Kate Green (Labour - Stretford and Urmston)Department Debates - View all Kate Green's debates with the HM Treasury
(5 years, 2 months ago)
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Bob Blackman
I will give way to the hon. Member for Stretford and Urmston (Kate Green) and then move on to the key points I want to make before winding up.
Kate Green (Stretford and Urmston) (Lab)
I congratulate the hon. Gentleman and his co-chair, my hon. Friend the Member for Leeds North East (Fabian Hamilton), on all the work they have done. I should declare an interest, in that I had an Equitable Life policy. I lost a very small amount of money, but over 2,000 of my constituents will have lost much more.
Does the hon. Gentleman agree that in addition to the financial benefits the Treasury would draw from money recirculating, doing such a thing would also mean that those former policyholders who are now having to look to other financial instruments to raise cash—such as equity release, which is equally inappropriate for them—would be protected from having to undertake other risky financial measures to sustain themselves in their old age?
Bob Blackman
I completely agree with the hon. Lady; she makes a valid point.