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Equitable Life

Yes, I certainly agree with the right hon. Gentleman. Again, I will go on to highlight that matter further on in my remarks—I am afraid that we are not quite at the end of them yet. The Public Administration Committee also said:""It would also be wrong for the Government to refuse compensation on the basis of Lord Penrose's conclusion that Equitable Life was 'principally…the author of its own misfortunes.'"" Paragraph 50 of the report begins:""The decision to compensate must not, however, be the equivalent of signing a blank cheque on taxpayers' behalf."" But the Committee concludes:""We also highlight the Ombudsman's conclusion that not all policyholders suffered loss; this should not be a case of compensation for all."" I am sure that many hon. Members will recall that, on 15 January this year, the then Treasury Minister, who is now the Secretary of State for Work and Pensions, delivered a fulsome apology in the House. She implied that there was a comprehensive acceptance of the Parliamentary ombudsman's report and said that she would provide the services of a retired Lord Justice of Appeal, Sir John Chadwick, to deal with the technicalities of the recommendations.