Equitable Life (Payments) Bill

Indeed. That is the clear duty of the coalition Government, and that is why I wholeheartedly praise the Treasury team for demonstrating such action. There has been no greater issue than the tax treatment of the compensation that is due, and I congratulate once again the Treasury on that measure, because it will add to the compensation. Many people sitting at home will have been calculating their compensation less the amount of tax that they regularly pay. Now they know that they will receive a far bigger tax-free income, and that is something else of which we can be proud. I would have much preferred more money to be provided. Would not we all? But would not we all rather be in a position whereby the Treasury was not almost bankrupt and we had not been left with a massive deficit? The all-party group will continue to ensure that, in this process, the Treasury will be able to communicate with all parliamentarians, and EMAG will be able to lobby to ensure that, when individuals begin to receive their payments, which will be the acid test, they feel satisfied that the wrong that has been done to them has been compensated. That is something of which we would all be proud. We can take great pride in the fact that the process is happening quickly, with purpose and transparency, and that the pledge that we all signed is being honoured. Some people may say, ““It is not being honoured in full,”” but it is, and clearly the economic circumstances of the day dictate what we can do. As I said in an earlier intervention, we should revisit the position in five years' time when the economy will have recovered and we will be in a much stronger position because of the coalition Government's decisions. There may be a case then for reconsidering whether the people who took out policies but will not retire for five, 10, 15, even 25 years should receive a top-up. That is a reasonable proposal, and it is sensible for the coalition Government to consider it. I commend the Bill to the House. I support it 101%, and the Treasury team are to be congratulated not only on what they have done, but on the clear answers that they have given to the points that have been made as we have considered the Bill in detail.