§ 38. Mr. HALL-CAINEasked the Financial Secretary to the Treasury whether he will consider altering the regulations in connection with the assessment of incomes under the Old Age Pensions Acts, so that capital value can be calculated at 3½ per cent. up to and including £375, and 7 per cent. in respect of any sum in excess of this figure, instead of 5 per cent. and 10 per cent., respectively, in view of the low rates of interest prevailing at the present time?
§ Mr. HORE-BELISHAThe Government are not prepared to initiate legislation to give effect to my hon. Friend's suggestion. It is not possible to deal fully with this question within the limits of a Parliamentary answer, but I would remind my hon. Friend that the rate of interest is only one of many considerations which have to be taken into account.
§ Mr. HALL-CAINEIs it not very unfair that a person whose income is £40 should be taxed on an assessment of £72 for the purposes of pension?
§ Mr. HORE-BELISHAI have told my hon. Friend that I cannot lay all the considerations before him in reply to a question, and I shall be only too glad to communicate them fully to him.
§ Mr. MAXTONIs not about time that the method of calculating means for old age pensions for persons over 70 was revised and put on a fairer basis?
§ Mr. HORE-BELISHAI thought my answer covered that point when I said that I could not deal with it within the limits of a question and answer.