Part of Oral Answers to Questions — National Finance. – in the House of Commons at on 30 January 1940.
Mr. De Ia Bère:
asked the Chancellor of the exchequer whether, in view of the unwillingness of the joint stock banks to lend money on sheep herds and flocks generally, whereas the so-called com- mercial banks charge up to 14 per cent. for these facilities on a hire-purchase basis in connection with cattle purchase, the Government will give the necessary guarantee to the joint stock banks indemnifying them against loss in connection with such advances and limiting the rate of interest that they usually charge in this connection to ½ per cent. above the current Bank Rate, these advances to be subject to adequate safeguards by the creation of travelling Government inspectors to prevent abuse?
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.
