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Equitable Life

My hon. Friend makes an important point. The ombudsman recommended a two-and-a-half-year time scale within which to begin payments and we are mindful of that recommendation. We want to set up a scheme that can pay out as speedily as possible. The ombudsman also said that there were potential difficulties and trade-offs between a scheme that is speedy and swift to implement and one that is fair to individuals and to the taxpayer. We have to take all those things into account. We will be working with Sir John on an ongoing basis to try to assess some of those practical issues as speedily as possible and we will keep the House updated on the progress that we make.