City of London

Part of Oral Answers to Questions — Treasury – in the House of Commons at 10:30 am on 26 October 2006.

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Photo of Gordon Brown Gordon Brown The Chancellor of the Exchequer 10:30, 26 October 2006

It is very interesting that the shadow Chancellor has made the question of whether pensions are properly regulated in this country the central issue. The difference between us is that we want proper regulation to protect individual pensioners, whereas the Opposition have proposed a plan that would deregulate and abolish consumer protection for pensioners. Until Conservative Members look at the plans that their own group is pursuing and find out what damage would be done to the regulation of pensions, they will be living in a dream world about what their policy proposals are going to be. We will insist on the proper regulation of pensions. We have introduced compensation for people who were deprived of their pensions. We have introduced a new Pension Protection Fund board to ensure that there is proper protection for pensions. We have a new pensions Green Paper to ensure that protection. Most importantly, we will not as unfortunately happened under the Conservative Government, or put the stability of the economy at risk, and that will be foremost in resisting irresponsible and unaffordable tax cuts.