Equitable Life update post CSR
Posted by Brandon Lewis, MP for Great Yarmouth, at 14:17, Mon 1 November 2010:
The Equitable Life saga has moved one step closer to conclusion, as the Government has announced details of the compensation package for affected policyholders. The minister responsible, Mark Hoban MP, has confirmed the details of the package agreed as part of the Comprehensive Spending Review.
The key points are:
· £1.5 billion available for compensation payments,
· With profits annuitants who were unable to reduce their losses will be compensated,
· All payments will be made tax-free,
· First payments are expected to be made in the middle of next year.
I will continue to push the Government to make payments as speedily as possible. I will be looking carefully at the recommendations, due in January, from the Independent Equitable Life Payments Commission detailing the scheme.
At long last it looks as though this sorry saga is finally reaching a conclusion.
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Posted by Steve Taylor, 15:14, Mon 1 November 2010: (Is this post abusive?) #
Then here is another sorry saga (Eastport) for you to respond to
· Spending £1.5 million on plans for the outer Harbour, only not to use them.
· Taking on the expense of Haven Bridge £300,000.00 per year for eternity
· Taking on the expense of West Bank £1 million now £millions for eternity
· Giving away the Freehold of Gorleston Pier a conservation area
· Allowing one Private Ltd Company (Eastport) to benefit in entirety at the cost of already established local business and infrastructure.
Posted by Brandon Lewis, 09:08, Tue 2 November 2010: (Is this post abusive?) #
I have responded on anohter post to this issue. My understnading is that the figures are disputed too, but this was a deal put together by Great Yarmouth Borough Council and Norfolk County Council, among others and wiht scrutiny from a range of organisations. I would suggest queries on this issue are best initially directed to Cllr Barry Coleman (Leader of GYBC).