Tory MPs urge Philip Hammond to spend millions on pension compensation ahead of Budget
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Philip Hammond is under pressure from at least 60 Tory MPs to find £2.6bn to compensate those who lost chunks of their pensions following the near-collapse of finance giant Equitable Life.
According to the Sun, the MPs have warned the Chancellor that unless he steps in to make up the shortfall they could derail his forthcoming Budget.
The group – which includes fifteen former ministers – have set out their demands in a letter to Mr Hammond in which they call on him to settle what they describe as a “debt of honour”.
Mismanagement at Equitable Life saw almost a million people lose pensions and savings.
In the run up to the 2010 general election the Conservatives pledged to reimburse those affected but so far only around a fifth of loses have been paid out.
Tory backbencher Bob Blackman claimed the victims had been “short-changed”.
He added: “These hard-working and responsible savers took a hit while the big banks and building societies were bailed out.
“The upcoming Budget is the right time finally to settle this debt.
“Our message to the Government is clear. This is not going to go away.”
