Oral Answers to Questions — Finance Bill. – in the House of Commons at on 29 May 1924.
Lieut-Colonel George Windsor-Clive
, Ludlow
asked the Chancellor of the exchequer what is the amount of import taxation now levied on one pound of the cheapest tobacco sold in this country?
Mr Philip Snowden
, Colne Valley
As the hon. and gallant Member is no doubt aware, the Tobacco Duty is levied on the raw leaf before manufacture, aid the rate of duty depends on the moisture it then contains. I am not, therefore, in a position to state definitely the amount of duty levied on a pound of tobacco which has undergone the process of manufacture, but I estimate that it would be about 5s. 9d. per pound on the cheapest varieties.
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.
