§ Bob RussellTo ask the Chancellor of the Exchequer when he expects to make an announcement on the Penrose report into the affairs of Equitable Life Assurance; and if he will make a statement. [74465]
§ Ruth KellyThe Penrose Inquiry is independent of the Government and the timetable for conducting the Inquiry is a matter for Lord Penrose. No deadline for reporting has been set. The Inquiry's remit covers a long period of time and the issues involved are both broad and complex. A firm deadline was therefore felt to be an inappropriate constraint on the range and independence of the Inquiry.
Lord Penrose has, however, made it clear that he is keen to ensure that the Inquiry proceeds as quickly as possible consistent with rigorously establishing the facts, producing an authoritative account and thoroughly identifying the lessons to be learnt.
I look forward to receiving the report of Lord Penrose's Inquiry as soon as he is able to complete it.