Pensioners' 'great delight' at Queen's Speech

Ray Bittan, chairman of the local branch of the Equitable Members Action Group (EMAG), said he was "absolutely delighted" by the announcement, which commits the new government to compensating those pensioners who lost savings when the company almost collapsed.

"Our reaction is sheer delight really," said Ray, of Winceby Close.

"We ran this campaign to try and get political support in the run up to the General Election and both the Conservative Party and the Liberal Democrats included support for the campaign in their manifestos.

"So we got the best of both worlds when the coalition government was formed.

"I'm also delighted to say we got 100 per cent support from all the new MPs in East Sussex."

The Equitable Life bill agrees to uphold compensation proposals outlined in a report by Parliamentary Ombudsman Ann Abraham in 2008.

Bexhill's MP, Greg Barker, said: "I have campaigned for years now on behalf of the many victims in Bexhill and it finally looks as though we will get justice.

"But sadly because of the deliberate delay by the Labour Government many of those who lost their pensions are now not alive to see justice done."