– in the House of Commons at on 4 July 1939.
Mr Frederick Bellenger
, Bassetlaw
asked the Chancellor of the exchequer whether, in view of the competition likely to occur in the money market consequent on Government and municipal loan requirements, private industrial financing, and additional capital requirements of firms under taking armament work, he will consider the desirability of setting up a National Investments Board?
Mr John Simon
, Spen Valley
I would refer the hon. Member to the reply which I gave on this subject to my hon. Friend the Member for East Aberdeen (Mr. Boothby) on 2nd May.
Mr Frederick Bellenger
, Bassetlaw
Does that mean that the right hon. Gentleman will not set up a National Investments Board?
Mr John Simon
, Spen Valley
The answer which I gave before, was to the effect that there are a number of very important considerations, not all of them one way, and I am not satisfied as to the desirability of this step.
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.
