Oral Answers to Questions — Military Service. – in the House of Commons at on 16 January 1940.
Mr Arthur Woodburn
, Clackmannan and Eastern
asked the Chancellor of the exchequer the rates of interest paid on Ways and Means Advances by the bank; and the total interest paid, or due, for the months of September, October, November, and December?
Mr John Simon
, Spen Valley
The present rate of interest payable on Ways and Means Advances from the Banking Department of the Bank of England is ½ per cent. per annum. If exceptionally large amounts are borrowed, the payments on the excess amounts would be higher, but not exceeding 1 per cent. per annum. The amounts of interest due and paid for the months of September, October, November, and December were £466,,£774, £44, and nil, respectively.
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.
