HC Deb 10 June 1952 vol 502 c19
49. Mr. Donnelly

asked the Chancellor of the Exchequer when the National Debt Commissioners last met; how many staff are still employed in their offices; and what is their function.

Mr. R. A. Butler

The Commissioners last met in 1860. Their functions are exercised by the Comptroller-General of the National Debt Office who has direct access, when the occasion arises, to the Chancellor of the Exchequer and the-Governor, and Deputy Governor, of the Bank of England who are the three active Commissioners.

The staff of the National Debt Office totals 49. Their main functions are the investment of a number of public funds including the Post Office Savings Bank, The Trustee Savings Banks, and the National Insurance Funds, and the application of Government Sinking Funds. They also grant and pay Government Life Annuities, and have administrative duties in connection with the Trustee Savings Banks.

Mr. Donnelly

Would it not be a good thing to tidy up this queer administrative anomaly?

Mr. Butler

The arrangement seems to be working perfectly satisfactorily.

Mr. H. Hynd

Can the right hon. Gentleman give an assurance that these Commissioners will meet regularly every century?