§ Mr. COOPER RAWSONasked the Chancellor of the Exchequer whether the proposal foreshadowed by the Secretary of State for War at Burnley, on the 23rd February, 1924, to give old age pensions of 15s. a week at the age of 65, represents the official policy of His Majesty's Government; and what additional expenditure per annum would be involved thereby?
§ Mr. SNOWDENAs indicated by the Prime Minister in his statement on the 12th February, the policy of the Government is to introduce legislation to deal with the discouragement of thrift involved in the present means limitation in the grant of old age pensions. I can add nothing to this statement of policy. An increase of old age pensions to 15s. would involve an increase in the higher "means" limit to 24s. The present cost, if these changes were made and if the pension were made payable at 65, would be about £55,000,000 per annum, an increase of about £31,000,000 per annum. These figures would automatically increase in the future.