§ 58. Mr. G. Griffithsasked the Financial Secretary to the Treasury the total cost, averaged over 20 years, of increasing pensions at 65 of all adult beneficiaries, including widows, under both the contributory pensions and the old age pensions schemes, to £1 per week and 35s. for a married couple, with retirement as a condition of acceptance of pension?
§ Lieut.-Colonel ColvilleIf retirement were made a condition of the grant of the increased pension, the actual additional cost would depend on the number who accepted the offer, and it is therefore not possible to give an accurate estimate. The additional cost of increasing pensions at 65 to all old age and contributory pensioners (including widows) to £1 a week (with 35s. for a married couple) would be about £75,000,000 a year at the present time, rising to about £95,000,000 in 20 years' time.
§ Mr. T. SmithDoes that figure of £75,000,000 take into consideration the savings which would be made in other directions?
§ Lieut.-Colonel ColvilleThe figure, as I explained, is a very approximate estimate because it is impossible to say how many would take advantage of the offer, but I have given as nearly as I can a figure to represent the net cost.
§ Mr. G. GriffithsIs it not possible for this country to take this in its stride, as the right hon. Gentleman the Member for Hillhead (Sir R. Home) said it could take the War Debt in its stride?
§ Mr. GallacherIs the Minister aware that if this meant a reduction of the numbers now in industry, others would be taken off the Employment Exchanges and brought into industry; and would there not be in that way an almost commensurate saving?
§ Lieut.-Colonel ColvilleI recognise the hon. Member's point. He will agree, however, that persons are being taken off the Employment Exchanges at the present time owing to the policy of the National Government.