– in the House of Commons at on 20 February 1940.
Sir Joseph Leech
, Newcastle upon Tyne West
asked the Chancellor of the exchequer to what extent war conditions show that the pre-war beet-sugar subsidy policy has been justified; how far the policy has saved foreign exchange being required for payments of imported sugar; and how far has home grown beet sugar made available an increased home supply of an essential food, and thereby saved cargo space?
Mr John Simon
, Spen Valley
The existence of a home-grown beet-sugar industry, which is attributable to pre-war subsidy policy, has undoubtedly been of the greatest assistance under war conditions. The beet campaign just concluded has provided the country with about 500,000 tons of sugar. This home supply has obviated the employment of an equivalent quantity of cargo space and has substantially reduced our foreign, currency requirements.
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.
