Labour policy—false and true : $b A study in economic history and industrial economicsMacassey, Lynden Livingston
History
Labour policy—false and true : $b A study in economic history and industrial economics
Macassey, Lynden Livingston
Industrial policy -- Great Britain; Labor economics -- Great Britain; Labour Party (Great Britain)
(_b_) _In the case of non-revenue-producing works_: Grants equal to 65
per cent. of the interest and sinking fund charges on loans, raised to
meet expenditure on approved schemes for a period of half the term of the
loan, subject to a maximum period of fifteen years’ grant. Both classes
of grants were conditional on the work being commenced before January
1, 1922, and completed before March 31, 1923. The commencing date was,
however, subsequently extended. A provisional limit of £10,000,000 was
originally fixed as the total capital value of the approved works to
which these two grants were to be applied. Local authorities, however,
took up the Government proposals with so much enthusiasm, and the work of
examining and approving the Schemes was accomplished so expeditiously,
that by the end of 1921 schemes to the capital value of nearly
£10,000,000 had been approved, and many others were under consideration.
The Government accordingly decided, in December 1921, to increase from
£10,000,000 to £13,000,000 the capital value of the works which might
be approved for these grants; and on the further development of the
work, in January 1922, again extended the limit from £13,000,000 up to
£18,000,000. Works up to the limit are certain to be approved. Up to May
31, 1922, the capital value of the works approved was:
Revenue-producing works £4,587,005
Non-revenue-producing works 12,655,358
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Total £17,242,363
(For details, _see_ Table p. 190)
The amount of direct employment which it is estimated will be given by
these works is 629,113 men-months. The amount of employment indirectly
given in the preparation of materials will probably amount to as much
more. The cost to the Exchequer of the national financial assistance
afforded to these works must necessarily at the present time be somewhat
of an estimate, as the loans raised by the assisted authorities are
for varying periods, with the result that the grants vary from periods
of two-and-a-half up to fifteen years. The burden to the State is a
diminishing one, and is spread over a period of fifteen years, but the
total amount of the burden so distributed will probably amount to about
£8,700,000.
The work done by the Unemployment Grants Committee has been of an
extraordinarily difficult and complicated character and most capably
directed. It has been no easy task to exercise a wise and statesmanlike
discretion, amid the welter of proposals, the pressure for financial
assistance and the stringent limitation on the latter. So far as it is
possible to administer relief works on a sound basis the Committee has
achieved it.
ANALYSIS OF APPROVED SCHEMES ASSISTED ON THE BASIS OF 60 PER CENT. OF THE
WAGES COST.
_Up to May 31, 1922._
Public-domain text, read in full here on John Shaqi.
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