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Equitable Life

I have been contrasting the approach that the Government have taken in the case of Equitable Life with the much better approach that was taken over the state earnings-related pension scheme disaster, which the hon. Gentleman may remember. One reason for the difference in approach was that, after the SERPS disaster, two Committees of the House—the Public Accounts Committee and the Public Administration Committee—received evidence and made strong recommendations. It was their thrust that made the Government spend some billions—I think it was £3 billion; the hon. Gentleman will remember, because he served on one of the Committees. A problem now is that Chadwick is reporting not to the House but to the Treasury, whose primary interest in the present economic disaster is saving money. The issue is a moral one, as all the speeches this afternoon have highlighted. Therefore, should not Chadwick report first to the House, not the Treasury? The House is the moral guardian in the matter of Equitable Life.