Oral Answers to Questions — National Finance. – in the House of Commons at on 17 September 1931.
Colonel Josiah Wedgwood
, Newcastle-under-Lyme
asked the Chancellor of the exchequer whether he is kept informed every day as to the amount of the £80,000,000 credit still standing to our credit?
Mr Philip Snowden
, Colne Valley
Yes, Sir.
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.
