Oral Answers to Questions — National Finance. – in the House of Commons at on 28 June 1933.
Mr William Mabane
, Huddersfield
asked the Chancellor of the exchequer what is the present nominal loss per cent. made by the Issue Department of the Bank of England on gold purchased for the Exchange Equalisation Account; whether that loss is made good to the Issue Department from the funds of the Ex- change Equalisation Account; and whether credit is taken by the Exchange Equalisation Account for the gold held on its behalf by the Bank of England at the current day-to-day price?
Mr Leslie Hore-Belisha
, Plymouth, Devonport
No loss is incurred by the Issue Department of the Bank of England in consequence of the purchase of gold for the Exchange Equalisation Account. Where gold is purchased or sold on account of the Issue Department itself, the accounting arrangements are governed by the terms of Section 25 of the Finance Act, 1932, to which I would refer my hon. Friend.
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.
