§ 21. Mr. BATEYasked the Minister of Labour if the Unemployment Fund still continues to pay 5 per cent. for the money loaned to the fund; and whether any efforts have been made to get a reduced rate of interest?
§ Miss BONDFIELDThe rate of interest on money loaned to the Unemployment Fund is fixed by the Treasury, and the average rate on advances outstanding on 1st April, 1930, was £4 18s. 2d. per cent. The rate of interest payable on sums advanced during April, 1930, was £4 12s. 6d. per cent.; on advances made from May to September, £4 15s. per cent.; and on advances in October, £4 12s. 6d. per cent.
§ Mr. BATEYDoes not the Minister consider that this is rather a high rate of interest to pay on so large a debt, and cannot she get it reduced?
§ Miss BONDFIELDI should be very glad to see some way of getting it reduced.
§ Major COLFOXIs it not a fact that in actual practice no interest whatever has been paid?
§ 22. Mr. BATEYasked the Minister of Labour the number of officials who are paid from the Unemployment Fund £1,000 or over per year?
§ Miss BONDFIELDSalaries are not charged direct to the Unemployment Fund. They are paid out of the Ministry of Labour Vote, and a refund based on the estimated proportion of time spent by the various branches on unemployment insurance work is subsequently paid out of the fund. It is, therefore, not possible to reply precisely to my hon. Friend's question.
§ Mr. BATEYCould not the Minister tell us how many officials there are who are getting £1,000 a year and over?
§ Miss BONDFIELDYes. Those, figures are published in the annual report.
§ Miss BONDFIELDNo. I am afraid I must refer my hon. Friend to the published table of salaries, which is a long one.
§ Mr. SPEAKERIt is very unusual for a Minister to give information which an hon. Member can acquire for himself.
§ 23. Mr. BATEYasked the Minister of Labour if she can give an estimate for the present year of the cost of training, transference, or any other expenditure of the Unemployment Fund, apart from payment of benefits to the unemployed?
§ Miss BONDFIELDAs the reply involves a tabular statement, I will, if I may, circulate it in the OFFICIAL REPORT.
§ Following is the statement:
§ The estimated expenditure, other than benefit, from the Unemployment Fund for the current financial year is as follows:
| £ | |
| Cost of Administration (excluding the cost of administration of Transitional Benefit, which is repayable by the Exchequer) | 5,300,000 |
| Interest on Debt | 2,500,000 |
| Grant towards expenses incurred in respect of attendances at approved courses of instruction of insured persons under the age of 21 | 130,000 |
| Grant towards the travelling expenses of insured persons for the purpose of obtaining employment | 10,000 |
| Refunds of contributions paid in error | 90,000 |
| Total | £8,030,000 |
§ 30. Captain PETER MACDONALDasked the Minister of Labour what amount is paid in interest on borrowings for the Unemployment Insurance Fund; and on what dates payment is made?
§ Miss BONDFIELDThe amount paid from the Unemployment Fund for the financial year ended 31st March, 1930, in 1013 respect of interest on Treasury advances was £1,808,227. Interest payments are made half-yearly on 31st March and 30th September; the payment on 30th September, 1930, was £1,066,625.
§ Captain MACDONALDIs this interest being added to the indebtedness of the Fund, or is it a separate charge upon the Exchequer?
§ Miss BONDFIELDIt is being added to the debt.
§ 31. Captain MACDONALDasked the Minister of Labour by what average amount the outgoings from the Unemployment Insurance Fund exceeded the revenue of the fund weekly from 1st August, 1930, to date?
§ Miss BONDFIELDDuring the period in question the average weekly amount by which the outgoings of the Unemployment Fund exceeded the revenue was about £606,000. This average weekly figure is exclusive of a half yearly payment of interest amounting to £1,066,625 made on 30th September, 1930.
§ Captain MACDONALDDoes this weekly deficit include the interest on the loan?
§ Miss BONDFIELDI have said so.