HC Deb 11 July 1932 vol 268 cc915-6W

asked the Financial Secretary to the Treasury what wall be the total saving to the Exchequer this year of a 10 per cent. cut in the interest on all Government securities and a 10 per cent. cut in all pensions, including old age and widows' pensions, paid by the State?


The estimated expenditure on internal interest on the National Debt in the current year is £272,000,000, while the estimated cost of all pensions paid from State funds, including old age, widows', etc., contributory pensions paid from the contributory pension fund and the Exchequer share of police pensions, is approximately £152,500,000. The net saving which would result from a hypothetical cut of 10 per cent. cannot be stated. It would, of course, fall below 10 per cent. of these figures owing both to the loss on Income Tax on dividends and to many other disturbing factors.