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Cable’s Eq Life EDM gets 300 MP signatures

Liberal Democrats Shadow Chancellor Vince Cable’s early day motion calling for the Government to pay compensation for Equitable Life victims has received 300 signatures from cross-party MPs.

Cable is calling for the Government to allow Parliamentary time for a proper debate of the Parliamentary Ombudsman’s recommendations on Equitable Life.

Cable tabled the EDM in early May and since then MPs including former LibDem leader Sir Ming Campbell, Tory shadow work and pensions secretary Theresa May, SNP leader Alex Salmond and former Tory shadow home secretary David Davis have signed it.

Cable says: “300 MPs have now signed my motion in favour of Parliament standing by our own ombudsman over her report into the Equitable Life scandal.

“I call on the Government to either implement the PO’s recommendations forthwith or to give Parliamentary time for a proper debate in the House with a vote, before the summer recess. Failure to do so would show continuing contempt for Parliament’s clear will.”

Equitable Life Members Action Group general Secretary Paul Braithwaite says: “This Government has shown nothing but contempt over this issue.

“Contempt for elderly victims increasingly frail and unable to speak up for themselves, contempt for MPs and contempt for Parliament’s own Ombudsman. It is time for Parliament to assert its moral authority and do the right thing.”


Light relief

The Budget introduced some significant changes to the tax relief available on pension contributions. When you consider the current levels of Government borrowing, estimated to be £528bn over the next five years, it could be argued that the Government needs to take more drastic action and further reduce higher-rate tax relief available on pension contributions. Higher-rate taxpayers should consider urgently their pension contributions and the opportunities available.

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]


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