An intriguing question found me looking over what National Insurance pays for but low and behold it led to another of greater importance because we so often hear that the welfare system is unaffordable but from the pages of Wikipedia jumped the figure that as a separate fund the Government Actuary's Department has forecasted that this will be in surplus and will grow to over £114.7 billion by 2012.
Off a far more serious nature was the idea that the government was ripping people off as this surplus is loaned to the government through the Debt Management Office which is part of the Commissioners for the Reduction of the National Debt in Call Notice Deposits but the peoples return on this has actually meant the surplus figure has been revised down in recent years due to errors in assumptions by the GAD and now is forecast to be just £30 billion by 2016.
As stated in previous years the surplus was invested in gilt-edged securities with the obvious connotation that they were secure and yielded a high interest rate for a decent return. However if the government is now just borrowing your money at the zero/0.5 interest rate they set we can see how they are stealing the silver, your insurance money for the NHS, Pensions and Unemployment to bail out the banks and government.
Links to Wikipedia pages;
National Insurance
National Insurance Fund
Off a far more serious nature was the idea that the government was ripping people off as this surplus is loaned to the government through the Debt Management Office which is part of the Commissioners for the Reduction of the National Debt in Call Notice Deposits but the peoples return on this has actually meant the surplus figure has been revised down in recent years due to errors in assumptions by the GAD and now is forecast to be just £30 billion by 2016.
As stated in previous years the surplus was invested in gilt-edged securities with the obvious connotation that they were secure and yielded a high interest rate for a decent return. However if the government is now just borrowing your money at the zero/0.5 interest rate they set we can see how they are stealing the silver, your insurance money for the NHS, Pensions and Unemployment to bail out the banks and government.
Links to Wikipedia pages;
National Insurance
National Insurance Fund
