Oral Answers to Questions — National Finance. – in the House of Commons at on 4 March 1935.
Mr William Thorne
, West Ham Plaistow
asked the Chancellor of the exchequer what has been the increase in the National Debt for the years 1931–32, 1932–33 and 1933–34?
Mr Duff Cooper
, Westminster St George's
Full particulars of the changes in the National Debt in the years in question are published in the annual National Debt Return for 1934, Command Paper No. 4697. I would also refer the hon. Member to the answer given to the hon. Member for Fulham East (Mr. Wilmot) on the 4th December last for an explanation of the changes.
Mr William Thorne
, West Ham Plaistow
Do I understand from the reply that there has been an increase in the National Debt? If so, can the hon. Member give the House any information why there has been an increase?
Mr Duff Cooper
, Westminster St George's
There has been a considerable increase, and full information has been given.
Mr William Thorne
, West Ham Plaistow
But what has been the cause? Is it due to the fact that the Government are not paying their way?
Mr Duff Cooper
, Westminster St George's
No, Sir, that has nothing whatever to do with it. If the hon. Member will refer to the answer, he will see the explanation.
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.
