Annuities Purchased Where Certain Claims or Actions are Settled

Part of New clause 13 – in the House of Commons at 5:15 pm on 3rd April 1995.

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Photo of Andrew Smith Andrew Smith Shadow Chief Secretary to the Treasury, Shadow Spokesperson (Treasury) 5:15 pm, 3rd April 1995

I am grateful to the Financial Secretary for acknowledging the role that the Labour party and the Law Commission played in proposing the measure. It is a good measure for all the reasons that the Minister set out, which I do not intend to repeat. It will bring considerable benefit to the victims of accidents and those who suffer injuries. It will stimulate competition in the range of financial instruments which are available to them. It will provide for annuities structured specifically to the varying needs that victims have for the rest of their lives following a severe accident or injury. We welcome the new clause and commend it to the House.