§ 53. Mr. TINKERasked the Chancellor of the Exchequer the number of persons in receipt of old age pensions and the annual cost?
§ Mr. P. SNOWDENAt 31st December, 1929, 1,935,700 persons were in receipt of old age pensions, either under the Old Age Pensions Acts 1908–24 or under the Contributory Scheme, at an annual cost of £50,200,000.
§ 54. Mr. TINKERasked the Chancellor of the Exchequer the annual cost to the Treasury if pensions of 25s. a week were paid to all persons at the age of 60?
§ Mr. P. SNOWDENThe total cost of a pension of 25s. a week to all persons over 60 years of age is estimated at £330,000,000 in 1930, rising to £495,000,000 in 1960, and to £550,000,000 in 1980. The charge additional to the estimated cost of pensions under existing legislation, with allowance for the loss which would result from the necessary revision of contribution conditions, would be about £285,000,000 in 1930, rising to roughly £480,000,000 by 1980.
§ Mr. HORE-BELISHAIs that the figure for the whole population, or only for wage-earners engaged in industry?
§ Mr. SNOWDENThe whole population.
§ Mr. KIRKWOODArising out of that reply—which hon. Members opposite are laughing at because of the great amount involved—is it not the case that it represents only 10 per cent. of the income of the country? [Laughter.] You are a lot of duds!