– in the House of Commons at on 9 October 1924.
Mr. T. THOMSON:
asked the Chancellor of the exchequer whether he is prepared to take the necessary steps to revise the Old Age Pensions Regulations, so that the actual income received by old age pensioners may be taken into account when estimating their income and not a hypothetical sum calculated at the rate of 10 per cent. return on part of their savings?
Mr Philip Snowden
, Colne Valley
I would refer the hon. Member to the reply given to him by the Financial Secretary on the 31st July last in answer to a similar question.
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.
