HC Deb 24 April 1978 vol 948 cc998-1000
44. Mr. Nelson

asked the hon. Member for Kingswood, as representing the Church Commissioners, what progress has been made in the past 12 months to finance improvements in the level of stipends for the clergy by increasing the dividend income of the Church Commissioners from their Stock Exchange investments; and whether he is satisfied with the current investment policy.

Mr. Terry Walker (Second Church Estates Commissioner)

The dividend income from the Commissioners' Stock Exchange portfolio rose over the past year by some 12½ per cent., despite dividend restraint, and has thus significantly exceeded the rise in the cost of living. In the last two years, the Government's incomes policy has been the major constraint in improving the level of stipends. I am entirely satisfied with the Commissioners' current investment policy.

Mr. Nelson

I welcome that reply Will the hon. Gentleman join me in paying tribute to the social as well as religious work of our 10,000 clergymen in parishes throughout the country? Is it not a fact that their work is still inadequately rewarded and that in dioceses such as my own at Chichester the average stipend is only £61 a week? Despite the changes which the hon. Gentleman has mentioned, is it not the case that, if the Church Commissioners had invested more of their funds in fixed-interest stock as opposed to equities over the past year, they would have had more income to deal with the real and pressing plight of many clergymen and their families?

Mr. Walker

It is true that over a specified period in that case it would have out-performed the Commissioners' present portfolio, but it is true also that it could have under-performed in some cases, and the present portfolio of the Church Commissioners is certainly above average. As regards what the hon. Gentleman said about stipends, everything is being done that could be done, and the major restraint upon us is that we have not been able to do all that we wanted to do over the past few years.

Mr. Biffen

What advice has the hon. Gentleman received from the Church Commissioners on the desirability or otherwise of perpetuating statutory dividend control after the current legislation lapses?

Mr. Walker

There has been no consultation on that matter so far.

Mr. Christopher Price

Will my hon. Friend look at some of the Church Commissioners' property investments in London, since some of the increases in rents which have been imposed upon many Londoners over the past year seem to have little in common with the principles for which the Church Commissioners allegedly stand?

Mr. Walker

I think that in the great majority of cases rents are independently fixed by the rent officer. The Commissioners are careful to make arrangements to consider specific individual cases of genuine hardship.

Mr. Stokes

Does the hon. Gentleman think that the time is approaching when, as happens in many other countries, the State should perhaps step in to augment stipends?

Mr. Walker

At the moment the responsibility for stipends is that of the Church Commissioners, with some augmentation from the laity, and that is certainly the way that we would want to go forward.

Mr. Dykes

Is the hon. Gentleman satisfied that enough publicity is given by the Commissioners on the totality of their financial transactions, and in particular on the property side?

Mr. Walker

All these matters are contained in the annual report, which is available to everyone. If the hon. Gentleman wishes to know more about this and cares to communicate with me, I shall be pleased to let him have any information he wants.