HC Deb 11 December 1933 vol 284 cc18-9
39. Mr. DENMAN

asked the Minister of Labour what portion of the£115,000,000 debt on the Unemployment Fund represents interest on Treasury advances?

Sir H. BETTERTON

The advances by the Treasury to the Unemployment Fund were made to meet the excess of the total outgoings over the total income of' the fund, and not in respect of interest on such advances, or any other particular item of expenditure taken separately. It is not possible, therefore, to allocate any portion of the debt as representing interest, as distinct from other items of expenditure.

Mr. DENMAN

Is the Minister aware that the Public Accounts Committee in the last two years has had figures giving the amount of interest that was charged on this fund, and that it amounted to at least£7,000,000?

Sir H. BETTERTON

That, I think, is not the question which my hon. Friend put on the Paper, but I can tell him that the total amount of interest on the debt for the 11 years up to the 31st March, 1932, was£14,886,000.

Mr. THORNE

Is the right hon. Gentleman aware that by the time this debt is liquidated, it will have amounted to£220,000,000, and not£115,000,000?