§ Sir G. Mitchesonasked the Minister of Labour whether he can state the present surplus on the Unemployment Insurance Account, and whether any part thereof is to be used for the reduction of the funded debt of the fund?
§ Mr. E. BrownThe total balance of the General Account of the Unemployment Fund at 10th November, 1937, was about£59,000,000, but in view of the necessity for keeping large reserves this cannot properly be described as a surplus. I have no power to use any part of the balance for the repayment of debt, except upon a recommendation of the Unemployment Insurance Statutory Committee. In this connection I may inform my hon. Friend that I have received a letter from the Committee making certain suggestions as to the terms which govern repayment of debt which I am issuing to-day as a White Paper (Command 5603), and I am including powers on the lines suggested by the Committee in the Unemployment Insurance Bill introduced yesterday.