Oral Answers to Questions — National Finance. – in the House of Commons at on 17 September 1931.
Mr William Leach
, Bradford Central
asked the Chancellor of the exchequer what amount of securities has been offered to the Government by the leading banks, insurance and investment houses, for use in defence of the pound sterling; and how much of it has been accepted?
Mr Philip Snowden
, Colne Valley
No such proposal has been made.
Mr Edward Wise
, Leicester East
Can the right hon. Gentleman say whether any attempt was made to discover how much might be obtainable or could be procured?
Mr Philip Snowden
, Colne Valley
That is a question that I cannot answer.
Mr Edward Wise
, Leicester East
Would the right hon. Gentleman say that the information is not available or that he refuses to answer?
Mr Philip Snowden
, Colne Valley
I think I might say "Yes" to both those questions.
Mr William Brown
, Wolverhampton West
Are we to assume from the right hon. Gentleman's reply that it is only policemen, civil servants, soldiers, sailors, and teachers who are expected to come to the aid of the State in its hour of trouble?
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.
