§ 11. Mr. H. G. WILLIAMS
asked the Minister of Labour the present amount of the funded debt of the Unemployment Insurance Fund, the present amount outstanding to the credit of the fund, together with the respective average rates of interest paid and received respectively?
§ Mr. E. BROWN
At the present time the amount outstanding of the debt of the Unemployment Fund is about £104,740,000, on which the current rate of interest averages about 3⅓ per cent. As from October, 1938, the rate will be 3⅓ per cent. At the 7th November, 1936, the balance of the fund was about £36,800,000; this balance is invested in short term securities on which the rate of interest averages about 1⅓ per cent.
§ Mr. WILLIAMS
Having regard to these figures, would it not be an advantage if some of the surplus were used to pay off the debt?
§ Mr. BELLENGER
Is it not possible to get better rates of interest on this 1018 surplus, bearing in mind the amount that is paid on the debt?
§ Mr. THURTLE
Cannot the right hon. Gentleman put some of the surplus into longer-term securities and get better interest?