Equitable life and the payment of compensation to members is a topic that should be of great importance to every MP. There is not a constituency in this country that does not have individuals affected by the collapse of this organisation. I am therefore extremely pleased with the commitment that has already been shown on this issue by the Coalition Government. Already we have seen a number of measure implemented, a number more being considered and the whole process enacted swiftly and with the careful consideration of all sides of the argument, not least the views of policy holders themselves. Whilst I think that we should be delighted at what has already been done, I must add that there is still a lot more to do. Not least to ensure that the correct quantum of compensation is paid to all those that were affected. It’s important to remember what the Coalition Government has already done, within just two months of the election we had formed the Independent Commission on Equitable Life payments, put in place a framework for the compensation scheme and placed before parliament legislation to give the Treasury statutory authority to make payments to victims. In contrast the only thing achieved by the last Government in 10 years was the blocking of any form of acceptable compensation. Since Lord Penrose’s report in 2004 we have seen avoidance of responsibility, an attempt to block of the Ombudsman from launching an investigation and even when the aforementioned investigation was conceded, Ministers trying to delay her work. Indeed when the ombudsman was finally allowed to give her report in 2008. The report which finally admitted that there had been maladministration and that payments should be made to reflect losses, there was a six month wait before the then Government responded. We on the other hand have acted immediately. For me the fact that this has been allowed to drag on for such a long time is a tragedy and a disgrace, especially when I see the effect it has had on so many people from across the constituency. In Stratford the number of people over pensionable age is actually 10 percent higher than the national average, and this is clearly reflected in the number of letters and emails I have received on the subject. So many in fact, that I have stopped counting, but they all serve an important purpose, to ensure that I do not forget the human impact of this terrible situation. People have lost their security, their hard earned income from a lifetime of work, their ability to enjoy a retirement, and even their financial independence. It is a tragedy that so many have lost so much and many now face a lifetime of insecurity at such a vulnerable stage in their lives. This should never happen and we must now push forward towards a compensation deal that is acceptable to all. We must also remember that this is compensation we are discussing, and that it therefore must be treated in a tax exempt manner, not as income. I have read both the Ombudsman’s report and the report by Sir John Chadwick and I have to say that the disagreements between them leave a wide gap. Through the eyes of the Chadwick offers too little, but at the same time both Chadwick and the Ombudsman states that it must be affordable. The gap is clear, and as parliamentarians it is our job to credibly try to bridge it. The recent second reading of the Equitable Life bill wasn’t the place to discuss it, but I assure all member’s of Equitable Life that I will be pushing hard to ensure that the right quantum from the Comprehensive Spending Review is offered to those affected. I am clear minded that if we do not ensure that the final compensation is fair and acceptable then we will lose all of the goodwill that our early actions have created. It is this message I am taking to the leadership of the Government. Like many of my colleagues I signed the EMAG pledge. I swore to support and vote for proper compensation for the victims of the equitable life scandal. It was not something that we did lightly, nor something that I will forget. As elected representatives we must therefore do all we can to strive towards an acceptable and fair conclusion for the Equitable Life Members.