Oral Answers to Questions — National Finance. – in the House of Commons at on 17 September 1931.
Mr Daniel Somerville
, Willesden East
asked the Chancellor of the exchequer whether there is any money left in the Colonial Development Fund for potential employment?
Mr Philip Snowden
, Colne Valley
It is estimated that of the £750,000 voted by Parliament as a grant in aid of the Fund for the current financial year approximately £560,000 will be required for schemes already sanctioned, leaving a balance of about £190,000 available for further schemes, if sanctioned.
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.
