– in the House of Commons at on 4 March 1924.
Sir F. HALL:
58.asked the Chancellor of the exchequer whether any estimate has been prepared of the cost of giving old age pensions to all at the age of 65 years; and, if so, what the cost would be?
Mr Philip Snowden
, Colne Valley
If the means disqualification were abolished, it is estimated that the cost of old age pensions, at the existing rate given at the age of 65, would be £73,000,000 a year (instead of £24,000,000 a year as at present). The figure would automatically increase owing to the increasing longevity of pensioners.
Mr Philip Snowden
, Colne Valley
I must refer the hon. Member to the statement which I made in the Debate on the question last week.
Sir F. HALL:
Has the right hon. Gentleman seen a report of the speech of the Secretary of State for War at Burnley last week in which that promise is made?
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.
Secretary of State was originally the title given to the two officials who conducted the Royal Correspondence under Elizabeth I. Now it is the title held by some of the more important Government Ministers, for example the Secretary of State for Foreign Affairs.
