HL Deb 04 March 1991 vol 526 c61WA
Earl Russell

asked Her Majesty's Government:

Whether the gain to industry by the recent half per cent. reduction in interest rates is greater or lesser than the loss to industry under the provisions of the Statutory Sick Pay Act.

The Minister of State, Department of Trade and Industry (Lord Hesketh)

Directly comparable figures do not exist, but it is estimated that the recent half per cent. reduction in interest rates will benefit industrial and commercial companies by some £250 to £375 million in one year. This is considerably more than the increased costs to business as a whole, arising from the Statutory Sick Pay Act, which are estimated at £95.2 million in 1991–92.