§ Major Bruce
asked the Minister of National Insurance to the nearest £1,000,000 the balance standing to the credit of the Unemployment Fund on 31st March, 1946; and how it is proposed to apply this balance to the best advantage, bearing in mind the required Exchequer contributions towards the benefits under the new National Insurance scheme.
§ Mr. J. Griffiths:
The balance of the Unemployment Fund at 31st March, 1946, was approximately £396,000,000. 241W Under the provisions of the National Insurance Bill now before Parliament the assets of the Unemployment Insurance Scheme, together with the capital assets of the present schemes of national health insurance and widows', orphans' and old age contributory pensions, are to be transferred to the National Insurance (Reserve) Fund when the new scheme comes into force. Provision is also made for £100,000,000 to be transferred from these assets at the same date to the National Insurance Fund, to serve as a working balance, and for the remainder of the assets to be maintained as a reserve for that Fund.