Kelly singed rather than barbecued over Equitable

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Treasury Secretary Ruth Kelly MP today received a rather tame grilling by the members of the Treasury Select Committee, as she was accused not only of trying to shift the blame for the Equitable Life debacle to someone else but for also suggesting the government was in no way "passive" in the affair.

This morning's Committee meeting follows the publication of the Penrose Report last week, which gave rise to a public outcry after it was revealed the government had been cleared of blame but given a slap on its wrist at the same time. When asked by a Committee member about the government's responsiblities for the whole affair - which saw thousands of former an current policyholders lose nearly or all of their savings - Kelly refered back to the Penrose report, saying he did not attempt to allocate the blame. Although she admitted that "in hindsight we certainly accept that the regul...

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