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 what is the sum total of our annual external obligations in gold pounds or foreign currency, excluding the War Debt to America but including our contribution to the League of Nations, and any guarantee as, for instance, the Turkish Loan of 1855?
Mr Philip Snowden
, Colne Valley
In the calendar year 1930 the payments made by the Government in foreign currency, excluding the War Debt to the United States Government, amounted to about £16,000,000 and the Government's receipts in foreign currency, excluding reparations and inter-governmental War Debts, to about £24,500,000; the surplus of foreign receipts over foreign payments (excluding War Debts, etc.) thus amounted to about £8,500,000. As regards Loans guaranteed by His Majesty's Government I would refer the right hon. and gallant Member to the full statement published annually in the Finance Accounts.
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.
