§ 39. Mr. FlynnTo ask the right hon. Member for Selby, representing the Church Commissioners, what is the latest figure of the value of the annual returns on Church investments. [20673]
§ Mr. AlisonThe Church Commissioners are finalising their 1995 figures, which will shortly be published in their annual report. They expect the annual returns to be similar to the benchmark return of 19.1 per cent. in 1995 in the independent WM all-funds index.
§ Mr. FlynnWas not the right hon. Gentleman enunciating an extraordinary new Church of England doctrine when he told me on 29 January that the ethical investments in GEC were all right because GEC's arms production is below the 30 per cent. threshold? Does the Church of England now believe that it is okay for people to sin for 30 per cent. of the time if they are virtuous for 70 per cent. of the time? Is there to be a new doctrine saying that we can obey seven commandments and ignore the other three? How on earth can the Church justify the 30 per cent. threshold?
§ Mr. AlisonThe hon. Gentleman is being almost pharisaical in his nit-picking about particular figures. Whatever the exact balance, if the hon. Gentleman wants figures I can tell him that the Church of England believes in 100 per cent. forgiveness and in a reasonable balance of investments that will maintain a flow of funds to maintain the pensions of elderly clergy widows, for example. Clergy in retirement now outnumber those whom we support as incumbents. That all has to be done through our investment assets, whether they be in land, businesses or armaments firms. The investment is valid and proper.