§ Mr. Wrigglesworthasked the Secretary of State for Employment what were the
Year ended 31st March Costs of collection £ Percentage to total contributions collected Percentage increase in collection costs each year 6th December 1965 to 31st March 1966 … 56,694 1.1 — 1967 … 146,096 0.7 Previous period not a complete year 1968 … 211,845 0.6 45.0 1969 … 251,281 0.6 18.6 1970 … 315,062 0.6 25.4 1971 … 329,200 0.7 4.5 1972 … 434,294 0.8 31.9 1973 … 469,520 0.9 8.1 1974 … 800,615 1.6 70.5 1975 … 898,496 1.8 12.2 1976 … 1,470,908 1.6 63.7
§ Mr. Wrigglesworthasked the Secretary of State for Employment what were the costs of administration of the Redundancy Fund in each year since its inception; what percentage of the fund this represented; and what was the overall percentage increase each year.
Year ended 31st March Administration Costs £ Percentage to total income to Fund in the year Percentage change in administration costs each year 6th December 1965 to 31st March 1966 … 73,312 1.4 — 1967 … 504,758 2.5 Previous period not a complete year 1968 … 856,844 2.5 +69.8 1969 … 1,060,566 2.4 +23.8 1970 … 1,127,592 2.2 +6.3 1971 … 1,223,454 2.4 +8.5 1972 … 1,444,897 2.8 +18.1 1973 … 1,421,756 2.7 -1.6 1974 … 1,647,864 3.2 +15.9 1975 … 2,123,304 4.0 +28.9 1976 … 3,058,790 3.4 +44.1
§ Mr. Wrigglesworthasked the Secretary of State for Employment what rates of interest were paid on the Redundancy
562Wcosts of collection for the Redundancy Fund in each year since its establishment; what percentage of the funds collected this represented; and what was the overall percentage increase each year.
§ Mr. GoldingThe following information is based on the Redundancy Fund accounts published each year by Her Majesty's Stationery Office:
§ Mr. GoldingThe administration costs of the Redundancy Fund, published in the Redundancy Fund accounts each year by Her Majesty's Stationery Office, are as follows:
Fund in each year since its establishment; and how they compare with commercial rates of interest over the same period.
563W
§ Mr. GoldingThe rates of interest payable on Redundancy Fund borrowings and investment as shown in the annual Redundancy Fund accounts published by Her Majesty's Stationery Office are as follows:
year Interest charged on borrowing Interest payable on invested surplus 1965–66 … — 6% Exchequer Stock 1966–67 … 6¼% to 6¾% — 1967–68 … 5¾% to 7¾% — 1968–69 … 7½% to 8⅝% — 1969–70 … 8¼% to 9¼% — 1970–71 … — 6% Conversion Stock 1971–72 … 4½% — 1972–73 … 4½% to 8½% — 1973–74 … — — 1974–75 … — 5½% Treasury Stock 1975–76 … 8¾% to 9⅝% — In addition there was short-term investment each year in Treasury bills at a rate of interest equivalent to the then current minimum lending rate or in very short-term investment in Ways and Means Advances at a rate ½ per cent. below the minimum lending rate. It is not possible to give a satisfactory reply to the remainder of the Question.