§ Brigadier-General MAKINS asked the Chancellor of the Exchequer whether, in view of the cheapness of money, he will consider the re-assessment of the present statutory arrangement in force in connection with the assessment of those old age pensioners who have a small amount of capital and under which, after disregarding the first £25 of capital, the next £375 are assessed at 5 per cent. and the balance, if any, at 10 per cent.?
Mr. CHAMBERLAINThe Government are not prepared to initiate legislation to modify the arrangement to which my hon. and gallant Friend refers. It is not possible to deal fully with this question within the limits of a Parliamentary reply, but I would remind him that the rate of interest is only one of the considerations to be taken into account.