Oral Answers to Questions — National Finance. – in the House of Commons at on 5 October 1931.
Colonel Josiah Wedgwood
, Newcastle-under-Lyme
asked the Chancellor of the exchequer the total amount of annual interest that has to be paid by His Majesty's Government on loans made in foreign currency; whether interest on the £50,000,000 credit has to be paid in foreign currency; and whether interest on the £80,000,000 credit is included in the total shown in answer to the first part of this question?
Mr Philip Snowden
, Colne Valley
The amount of interest payable on loans made in foreign currency varies from year to year. It amounted to nearly £29,000,000 last year, but is reduced to about £15,000,000 this year and next year as a result of President Hoover's plan. The reply to the second part of the question is in the affirmative, and to the last part in the negative.
Colonel Josiah Wedgwood
, Newcastle-under-Lyme
Is that figure of £15,000,000 based on a gold currency, and does that include the debt to America, or does it exclude the ordinary War Debt?
Mr Philip Snowden
, Colne Valley
It includes the debt to America.
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.
