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Equitable Life

The hon. Lady will have her chance to respond, but I want to get on, because I have limited time available. Many Members have compared the situation with aspects of the current financial trouble and the speed at which the Government have acted on some facets of the present crisis. Several policyholders have contrasted the Government's prompt action to protect savers in the Icelandic banks with their almost glacial progress on Equitable Life. If the Government can act quickly on the current financial crisis, when the right course of action is frequently unclear and controversial, surely they can act quickly to rectify the tragic situation of Equitable Life, where the problem that we need to address is all too clear. We agree that there is no quick calculation to determine how much compensation should be paid, and we further agree with the ombudsman that the condition of public finances is relevant when determining how much should be paid; at the same time, however, the financial condition of those wronged has worsened.