Oral Answers to Questions — National Finance. – in the House of Commons at on 5 October 1931.
Mr James Hall
, Stepney Whitechapel and St George's
(for Mr. MACLEAN) asked the Chancellor of the exchequer how he arrived at the sum of £25,140 as an annual nett insurance payment. to provide for Estate Duty on an income of £50,000 per annum from investments; and whether he can state the number of such incomes?
Mr Philip Snowden
, Colne Valley
The figure in question was arrived at on the lines laid down on page 78 of their report by the Colwyn Committee on National Debt and Taxation except that no account was taken of Legacy and Succession Duties. The statistics compiled in relation to the Surtax refer to total income and do not distinguish earned from investment income.
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.
