– in the House of Commons at on 20 February 1940.
Mr John Wilmot
, Lambeth Kennington
asked the Chancellor of the exchequer by what amount has expenditure by way of interest on Treasury Bills, since the outbreak of war, exceeded the corresponding expenditure in the corresponding period of the previous financial year; and how much of the increase is attributable to higher interest rates and the increased size of the total issue, respectively?
Mr John Simon
, Spen Valley
For Treasury Bills issued by weekly tender, the cost of interest in the period since the outbreak of the war to the 17th February, 1940, was £4,130,000 greater than in the corresponding period last year. The increased issue of bills is of course one of the factors affecting the rate; if that consideration be ignored £3,134,000 of the increase may be regarded as attributable to higher interest rates and £996,000 to the greater volume of bills.
Mr John Wilmot
, Lambeth Kennington
Does the Chancellor of the exchequer appreciate that this really amounts to profiteering by the banks under war conditions, and will he take steps to stop it?
Mr John Simon
, Spen Valley
If the hon. Member will look at the records he will see that that really is not so.
A proposal for new legislation that is debated by Parliament.
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.
A proposal for new legislation that is debated by Parliament.
