HC Deb 17 July 1961 vol 644 cc857-8
3. Mr. Hannan

asked the Minister of Pensions and National Insurance the rates of interest paid on the National Insurance (Reserve) Fund and on the National Insurance Fund, respectively.

Mr. Boyd-Carpenter

The average yields of stocks held by the two Funds at 31st March, 1961, were 3.68 per cent. and 3.73 per cent., respectively, taking the value of the stocks at cost.

Mr. Hannan

Cannot the Minister do better than this? If it is appropriate that the Government should charge higher rates of interest through the Public Works Loan Board to local authorities for house building and other purposes, why should it not be possible to get a better rate of interest than this for funds which are subscribed by the public?

Mr. Boyd-Carpenter

The investment of these funds was placed by Parliament, under the National Insurance Act, 1946, in the hands of the National Debt Commissioners to invest in the same range of securities as were available to savings banks. I have no doubt whatever that the National Debt Commissioners have discharged their duty conscientiously and well.