§ Mr. Austin MitchellTo ask the Secretary of State for Social Security whether he will publish in theOfficial Report, (a) a list of the securities held by the national insurance fund, including the additions over the past 12 months, (b) his forecast of the surplus accruing to the fund in the current financial year for the purposes of the Autumn Statement, (c) the corresponding figures for the increase in revenue and (d) the purpose for which funds are being accumulated.
§ Mr. Peter Lloyd(a) The national insurance fund securities, held by the national debt commissioners as at 30 June 1989 are as follows:
561W
National Insurance Fund Securities held by the National Debt Commissioners at 30 June 1989 British Government Securities Nominal Value £ Ways and Means 37,945.000.00 Treasury Bills 1,050,000.000.00 10 per cent. Exchequer Stock 1989 124,185.081.66 11 per cent. Exchequer Stock 1989 261,200,000.00 10¼ per cent. Exchequer Convertible Stock 1989 36,046,819.20 11 per cent. Exchequer Stock 1990 103,315,703.11 12½ per cent. Exchequer Stock 1990 208,500,000.00 8¼ per cent. Treasury Stock 1987–90 15,000,000.00 8 per cent. Treasury Convertible Stock 1990 10,002,000.00 8 per cent. Treasury Convertible Stock 1990 NILO 50,000,000.00 10 per cent. Treasury Convertible Stock 1990 154,836,210.19 10 per cent. Treasury Convertible Stock 1990 NILO 50,000,000.00
562W
British Government Securities Nominal Value £ 11¾ per cent. Treasury Stock 1991 223,252,742.22 10 per cent. Treasury Convertible Stock 1991 3,000,000.00 11 per cent. Exchequer Stock 1991 173,910,000.00 11 per cent. Exchequer Stock 1991 NILO 60,000,000.00 8 per cent. Treasury Stock 1991 138,500,000.00 8 per cent. Treasury Stock 1991 NILO 50,000,000.00 12¾ per cent. Treasury Stock 1992 18,675,000.00 10 per cent. Treasury Stock 1992 132,200,000.00 10 per cent. Treasury Stock 1992 NILO 50,000,000.00 8 per cent. Treasury Stock 1992 205,200,000.00 8 per cent. Treasury Stock 1992 NILO 100,000,000.00 10½ per cent. Treasury Convertible Stock 1992 80,300,000.00 12¼ per cent. Exchequer Stock 1992 166,785,789.21 12¼ per cent. Exchequer Stock 1992 NILO 75,000,000.00 13½ per cent. Exchequer Stock 1992 36,200,000.00 8¼ per cent. Treasury Stock 1993 136,500,000.00 8¼ per cent. Treasury Stock 1993 NILO 115,000,000.00 10 per cent. Treasury Stock 1993 205,200,000.00 12½ per cent. Treasury Stock 1993 97,200,000.00 13¾ per cent. Treasury Stock 1993 83,200,000.00 8½ per cent Treasury Stock 1994 242,750,000.00 8½ per cent. Treasury Stock 1994 NILO 50,000,000.00 13½ per cent. Exchequer Stock 1994 55,150,000.00 10 per cent. Treasury Stock 1994 129,600,000.00 10 per cent. Treasury Stock 1994 NILO 25,000,000.00 12½ per cent. Exchequer Stock 1994 182,500,000.00 9 per cent. Treasury Stock 1994 46,500,000.00 12 per cent. Treasury Stock 1995 176,550,000.00 12 per cent. Treasury Stock 1995 NILO 50,000,000.00 10¼ per cent. Exchequer Stock 1995 154,500,000.00 10¼ per cent. Exchequer Stock 1995 NILO 50,000,000.00 14 per cent. Treasury Stock 1996 20,000,000.00 15¼ per cent. Treasury Stock 1996 11,000,000.00 13¼ per cent. Exchequer Stock 1996 46,500,000.00 10 per cent. Conversion Stock 1996 242,520,000.00 10 per cent. Conversion Stock 1996 NILO 75,000,000.00 13¼ per cent. Treasury Stock 1997 50,265,000.00 10½ per cent. Exchequer Stock 1997 268,650,000.00 8¾ per cent. Treasury Stock 1997 141,800,000.00 8¾ per cent. Treasury Stock 1997 NILO 50,000,000.00 9¾ per cent. Exchequer Stock 1998 306,050,000.00 12 per cent. Exchequer Stock 1998 183,800,000.00 9½ per cent. Treasury Stock 1999 61,805,491.36 9½ per cent. Treasury Stock 1999 NILO 50,000,000.00 12¼ per cent. Exchequer Stock 1999 85,000,000.00 10½ per cent. Treasury Stock 1999 20,000,000.00 10¼ per cent. Conversion Stock 1999 139,550,000.00 10¼ per cent. Conversion Stock 1999 NILO 30,000,000.00 8½ per cent. Treasury Stock 2000 163,800,000.00 8½ per cent. Treasury Stock 2000 NILO 50,000,000.00 9 per cent. Conversion Stock 2000 297,917,597.76 10 per cent. Treasury Stock 2001 112,300,000.00 9½ per cent. Conversion Stock 2001 2,562,270.00 9¾ per cent. Conversion Stock 2001 34,000,000.00 9¾ per cent. Conversion Stock 2001 NILO 100,000,000.00 12 per cent. Exchequer Stock 1999–2002 20,500,000.00 10 per cent. Conversion Stock 2002 45,200,000.00 9½ per cent. Conversion Stock 2002 1,704,750.99 9¾ per cent. Treasury Stock 2002 138,600,000.00 9 per cent. Exchequer Stock 2002 221,200,000.00 9 per cent. Exchequer Stock 2002 NILO 50,000,000.00 9¾ per cent. Conversion Stock 2003 6,860,738.55 10 per cent. Treasury Stock 2003 52,550,000.00 11½ per cent. Treasury Stock 2001–04 9,000,000.00 10 per cent. Treasury Stock 2004 2,450,000.00 9½ per cent. Conversion Stock 2004 176,500,000.00 9½ per cent. Conversion Stock 2005 217,000,000.00 10½ per cent. Exchequer Stock 2005 15,000,000.00 8 per cent. Treasury Stock 2002–06 264,118,200.00 9¾ per cent. Conversion Stock 2006 19,500,000.00 11¾ per cent. Treasury Stock 2003–07 35,000,000.00 8½ per cent. Treasury Stock 2007 190,831,042.37 9 per cent. Treasury Stock 2008 160,000,000.00 8 per cent. Treasury Stock 2009 75,000,000.00
British Government Securities Nominal Value £ 9 per cent. Conversion Stock 2011 5,000,000.00 9,662,239,436.62 Local Authority Bonds 11½ per cent. 23 August 1989 539,000.00 9⅜ percent. 15 May 1991 340,000.00 9 3/16 per cent. 2 December 1992 250,000.00 1,129,000.00 Local Authority Securities 6¾ per cent. GLC Stock 1990–92 3,000,000.00 Local Authority Mortgage Loans 210,035.08 Loans to Local Authorities Temporary Loans 141,590,000.00 Under one year 153,425,000.00 Over one year 77,450,000.00 Secondary mortgages 26,300,000.00 398,765,000.00 Total nominal value of securities held 10,065,343,471.70 Cash uninvested 3,442.70 TOTAL 10,065,346,914.40 (b) and (c):
The forecast of the surplus and increase in revenue to the national insurance fund for the purposes of the Autumn Statement are provided by the Government Actuary's Department. The Government Actuary provided in his report on the drafts of the 1988 Benefits Uprating and Contributions Rerating Orders (Cm. 537) the following figures in respect of the tax year 1989–90:
£ million Surplus of income over expenditure 519 Increase in total income to the national insurance fund over 1988–89 197 Equivalent estimates for the 1989 autumn statement will be published by the Government Actuary's Department when the uprating and rerating orders for 1990–91 are laid before Parliament towards the end of the year.
(d) The national insurance fund pays for all contributory benefits; the fund is administered so that contributions collected and paid into the fund are paid out as benefits. The fund has no borrowing powers, so that it must have a balance to insure against unexpected contingencies. The minimum target balance recommended by the Government Actuary is not intended to be a fixed target, but a prudent limit below which the balance should not he allowed to fall continually.