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 whether the interest on the Turkish Loan of 1855, guaranteed by France and Great Britain, is still being paid by this country or our Dependencies, or whether France is paying a part; and whether the payment has to be made in gold, or in sterling, or francs?
Mr Philip Snowden
, Colne Valley
There has been no change in the position in regard to the Ottoman 'Guaranteed Loan of 1855, other than that referred to in the reply given to the right hon. and gallant Member on 1st May, 1929; the interest on the loan is payable in sterling.
Colonel Josiah Wedgwood
, Newcastle-under-Lyme
Would this not be rather a good opportunity to ask France to bear her part in paying the interest?
Mr Philip Snowden
, Colne Valley
I am always willing to take advantage of every opportunity if there is a prospect of relief to the British Exchequer.
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.
