Oral Answers to Questions — National Finance. – in the House of Commons at on 7 February 1929.
Mr George Hirst
, Wentworth
asked the Chancellor of the exchequer what was the amount of the National Debt on 31st December, 1928; how much it works out at per head of the population of the country; the interest paid on the National Debt for the last financial year; and how much it works out at per head of the population?
Mr Winston Churchill
, Epping
The total nominal amount of the National Debt on 31st December, 1928, was £7,738,300,000, and the charge for interest and management in the financial year ended 31st March, 1928, was £313,816,287. Divided by the number of the population, these figures become £170 6s. and £6 18s. respectively.
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.
