§ Mr. Stuart Russell
asked the Financial Secretary to the Treasury what is the estimated immediate cost to the State of increasing old age pensions to £1 per week, provided that employers' contributions to the insurance fund remain unchanged?
§ Captain Wallace
The additional cost involved in increasing old age pensions to £1 per week, including 65–70 pensions and1770W widows' pensions where the widow is aged over 65, would be about £76,000,000 a year at the outset. The cost would rise steadily for many years and would be about £92,000,000 a year in 10 years' time.