21. Mr. ROBINSONasked the Minister of Labour whether there has been any 388 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-MAITLANDThe 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 WILLIAMSCan 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-MAITLANDIf 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. WISEWhat is the rate of interest charged on this debt?
§ Sir A. STEEL-MAITLANDFive per cent.