HC Deb 20 July 1927 vol 209 cc387-8
21. Mr. ROBINSON

asked the Minister of Labour whether there has been any reduction in the debt of the Unemploy-Fund to the Exchequer from the amount outstanding on 21st February, namely, £24,460,000; if so, what is the present amount of the debt of the Unemployment Fund; and what is the estimated sum that will be paid to the Exchequer in respect of interest on the borrowed moneys in the financial year ending 31st March, 1928?

Sir A. STEEL-MAITLAND

The debt of the Unemployment Fund to the Exchequer on 15th July last was £23,690,000. The sum of £596,227 16s. 10d. was paid to the Exchequer on 30th June last in respect of the interest due for the six months ended on that date. A further half-yearly payment of interest will be due at the end of December next, but I am unable to give an estimate of the amount which will then become payable as it depends upon the extent of unemployment in the intervening period.

Mr. HERBERT WILLIAMS

Can the right hon. Gentleman say how it is that in the table published in the "Labour Gazette" the difference between the expenditure and the income over a given period is not always the same as the change in the amount of debt over that period?

Sir A. STEEL-MAITLAND

If the hon. Member will confer with me as to the details of any particular statement, I will undertake to give him the reason for any apparent discrepancy.

Sir F. WISE

What is the rate of interest charged on this debt?

Sir A. STEEL-MAITLAND

Five per cent.