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Free State Indebtedness.

Oral Answers to Questions — Ireland. – in the House of Commons at on 19 July 1922.

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Sir F. HALL:

74.

asked the Chancellor of the exchequer what is the total debt to the Imperial Exchequer which has been incurred by the Irish Free State since its establishment; whether any security has been given therefor in the shape of control over Customs, dues, or otherwise; and will he state what rate of interest is being paid on any sums that have been advanced and what arrangement is proposed for their repayment?

Photo of Mr John Baird Mr John Baird , Rugby

No sums have been advanced from the Imperial Exchequer to the Irish Free State by way of loan or interest. Certain sums are payable by the Irish Free State to the Imperial Exchequer in respect of debts collected by the Free State, of the cost of services not yet transferred, and of equipment supplied; and periodical claims for repayment are being rendered. No security has been asked for these sums, nor is interest being charged. There are also certain charges which are incurred in the first instance by the Irish Free State, and are recoverable from the Imperial Exchequer.

Sir F. HALL:

Is it the intention of the Government to allow loans or outstand- ing amounts due from the Free State without any security whatever? Is no security going to be taken for any amounts that were advanced or lent to, or which are due from, the Free State?

Photo of Mr John Baird Mr John Baird , Rugby

It is only a temporary arrangement during the transitional period. These sums are being collected purely temporarily, subject to a permanent arrangement being made.

Sir F. HALL:

Is it the intention of the Government to make a permanent arrangement with regard to these matters, and take proper security?

Photo of Mr John Baird Mr John Baird , Rugby

Obviously, a permanent arrangement will have to be made when the transitional period has passed.

Photo of Sir Maurice Dockrell Sir Maurice Dockrell , Dublin Rathmines

Are not the unfortunate Irish who have anything to lose the ultimate security?

Chancellor of the Exchequer

The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.

The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.

The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.