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Insurance Fund

Volume 245: debated on Thursday 20 November 1930

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asked the Minister of Labour whether the figures given by her Department of the weekly amount by which the outgoings of the Unemployment Fund exceed the revenue do, in fact, include proper allowance for interest on the loan; whether the interest is being paid or added to the debt of the fund; and what the weekly deficit of the fund is, allowing for the proper proportion of interest on the debt?

If the hon. arid gallant Member will refer to my reply to him of 6th November, he will see that I stated explicitly that the figure of £606,000 was exclusive of a half-yearly payment of interest on 30th September amounting to £1,066,625. This interest averaged £40,000 a week over the 26 weeks in the half year.

Am I to take it that the figure given by the Minister's Department is inaccurate, and that the interest in added to the debt?

The hon. and gallant Member is mistaken. I said it was as stated in my reply to his question.

Because I understood the hon. and gallant Member to use the word "exclusive." If he had used the word "inclusive," I would have replied.