Part of Oral Answers to Questions — National Finance. – in the House of Commons at on 30 January 1940.
Mr William Thorne
, West Ham Plaistow
asked the Chancellor of the exchequer why he sent out a circular to the local authorities preventing them from converting any of their outstanding loans at a reduced rate of interest?
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.
