§ 29. Mr. BROCKLEBANK
asked the Chancellor of the Exchequer what has been the amount saved during the last financial year through the cuts in salaries and wages and from other sources, respectively?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)
If the major economy measures of the autumn of 1931 had not been taken, I estimate that the Exchequer expenditure on Supply Services in 1932 would have been increased by at least £81,000,000. Of this sum, reductions in remuneration generally account for about £11,250,000, reductions in the rates of unemployment benefit account for £13,750,000, while the balance of £56,000,000 represents the effect of other economy measures taken by the Government, including those set out in the White Paper issued in connection with the economy programme in 1690 September, 1931. The very large savings in interest and sinking fund charges, which were effected during 1932, did not result in any reduction in the statutory charge for the service of the National Debt in that year, and are therefore not included in the above estimate of savings. The full benefit, which on interest charges alone is £52,000,000, will accrue during the current year.