§ 13 and 14. Sir Waldron Smithers
asked the Minister of National Insurance (1) how much, to the latest available date, of the sum of £100,000,000 which is to be transferred from the National Insurance (Reserve) Fund to the National Insurance Fund has been transferred; and of that amount how much has been spent;
1490 (2) how much of the assets of the health and unemployment insurance schemes and the contributory pensions systems, respectively, have been transferred to the National Insurance Fund; and of these how much has been spent.
§ Mr. Steele
The whole of the capital assets of the Health and Unemployment Insurance and Contributory Pensions Schemes were transferred by virtue of Section 66 of the National Insurance Act, 1946, to the National Insurance (Reserve) Fund on the 5th July, 1948, and a sum of £100 million was transferred from that Fund to the National Insurance Fund on the same date. Apart from this transfer, no payment has been made out of the assets transferred to either of these Funds.
§ Sir W. Smithers
Does the Parliamentary Secretary realise that all this money, which was the result of the thrifty saving of poor but freedom-loving people, is being poured down the Socialist drain? In view of what the Chancellor of the Exchequer announced yesterday—that the £ is worth only 7s. ld.—what is the use of going on paying benefits with pieces of paper which, under this Government, continually become more and more worthless?
§ Mr. Steele
The extent of the assets is due to the full employment policy of the Government being successful.