National Insurance Fund

HC Deb 06 March 1967 vol 742 c184W

Mr. Henry Clark

asked the Minister of Social Security what was the net capital accumulation from National Insurance during the last five years, respectively; and what trend she is estimating for in the next 10 years.

Miss Herbison

The excess or deficit of income over outgo of the National Insurance Fund during the last five years was as follows:—

Year				£ million
1961–62	…	…	…	+13
1962–63	…	…	…	-13
1963–64	…	…	…	-49
1964–65	…	…	…	-21
1965–66	…	…	…	+25

The Government Actuary has estimated that on the basis of the rates of contributions and benefits laid down in the Act, the annual average deficit for periods up to 1980 would be as follows:

Five-year period				£ million Annual Average Deficit
1965–70	…	…	…	-12
1970–75	…	…	…	-64
1975–80	…	…	…	-70