National Insurance (Actuary's Report) (Hansard, 6 February 1951)
HC Deb 06 February 1951 vol 483 cc1528-9
48. Mr. Eric Fletcher

asked the Chancellor of the Exchequer whether he has yet received the interim report of the Government Actuary under Section 39 (1) (b) of the National Insurance Act, 1946.

The Chancellor of the Exchequer (Mr. Gaitskell)

Yes, Sir. It was laid before the House on 2nd February. Copies will be available tomorrow.

Mr. Fletcher

That being so, would my right hon. Friend now, in view of the increase in the cost of living and the desirability of increasing the basic rate of pensions, give directions under the Act for an immediate review of the status of the National Insurance Fund instead of waiting until 1953?

Mr. Gaitskell

I have no power under the Act to give directions. It would have been possible to have directed the Actuary to make a comprehensive review at an earlier date than 1954, but that has not been done and this is an interim report.

Sir H. Williams

Is it the case that all the assets of this Fund have already been lent to the right hon. Gentleman, and has he not spent them all? Therefore, if he wants any money, he will have to borrow again.

Mr. Gaitskell

Well, Sir, it is, of course, profitably employed.