SOCIAL SECURITY

Grey River Argus, 28 September 1944, Page 3

SOCIAL SECURITY

BRITISH SCHEME. TO BE FOUGHT BY APPROVED "' (Rec. 9.5). LONDON, September 26. The Govefnment has issued a White Paper on its proposed social security scheme. This stated that there would be no room in the scheme for Approved Societies, and that all of the administration of the scheme would be in the hands of the Government. The announcement has resulted in a severe drop in industrial insurance shares on the Stock Exchange. One stock dropped by; 57s 6d to 22s lid. The Association of Approved Societies has announced it intends to fight the Government’s scheme. The White Paper said it was estimated that the income of the new scheme in 1945 would be £283,000,000 from contributions and £352,000,000 from the Exchequer and from local rates. The estimated income of present schemes in 1945 would be £136,000,000 in contributions'and £276,-. 000,000 from local rate's. The estimated expenditure of the new scheme in 1945 is £650,000,00. Th e estimated expenditure on the present schemes in 1945 would be £411,000,000. The White Paper expresses gratitude to Sir William Beveridge for his original plan, and says that the main tribute to him is the embodiment of so much of his plan in the proposals set out in the new scheme. The Minister of Reconstruction (Lord Woolton) said the proposals indicated the Government’s determination to wage war against poverty in peace time.