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Insurance (Cost)

Volume 245: debated on Thursday 20 November 1930

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asked the Financial Secretary to the Treasury the approximate cost of unemployment insurance in terms of the amount payable by an Income Tax payer in receipt of an income of £300, £500, £1,000, £2,000, and £10,000 per annum, respectively?

I assume that my hon. Friend has in mind the approximate cost of unemployment insurance to the Exchequer. In the current year this would work out at roughly 4½ per cent. of our total expenditure, excluding self-balancing items. For the actual amount of Income Tax and Sur-tax payable, on specimen incomes, I would refer him to the Financial. Statement (1930–31), House of Commons Paper 112 of 1930, pages 17–18.