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Equitable Life

The right hon. Gentleman has asked for a debate, and I shall pass his request on to the business managers. However, the principle that the regulator should not act as guarantor has been recognised in debates in this House, and it was set out and reinforced in the Financial Services and Markets Act 2000. That legislation continued the financial regulator's long-standing exemption from claims for negligence in the courts. Successive Governments have supported that approach in order to be fair to the taxpayer and to recognise the relationship between Governments and financial markets. I should be very surprised if the Opposition really wanted to end that principle at this stage. Several hon. Members have asked what the Government think that the timetable will be, but I have to be honest and say that we will ask the judge for advice on the matter. We will complete the process as speedily as possible.