Oral Answers to Questions — British Army. – in the House of Commons at on 12 December 1939.
Mr Richard Stokes
, Ipswich
asked the Chancellor of the exchequer whether he will take steps to ensure that no profit accrues to the banks either by way of interest from any augmentation of the existing volume of general credit necessitated by his borrowings or from the subsequent extinction of such new short-term credits?
Mr John Simon
, Spen Valley
I do not think it is practicable to distinguish between an increase of the volume of credit due to an expansion of the business of the country and an increase due to the borrowing of the Government, nor, if it were, would a confiscation of the profit earned on the excess be a suitable fiscal measure.
Mr Richard Stokes
, Ipswich
Is the Chancellor aware of the growing indignation with a system which allows the banks to create their own credit out of nothing, at great expense to the country and to their own great advantage, and how long does he propose that this scandal shall be allowed to continue?
Mr Frederick Macquisten
, Argyll
Are not the banks only able to create credit because their credit is good?
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.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
