– in the House of Commons at on 20 February 1940.
Mr Frederick Pethick-Lawrence
, Edinburgh East
asked the Chancellor of the exchequer whether he proposes to seek additional powers for the purpose of controlling the rate of day-to-day money?
Mr John Simon
, Spen Valley
No, Sir.
Mr Frederick Pethick-Lawrence
, Edinburgh East
Am I to understand from the Chancellor's answer that he has adequate powers, or that he has no powers and does not propose to take powers?
Mr John Simon
, Spen Valley
The right hon. Gentleman has put Questions on that subject several times before. I would refer him to the answer which I gave on 12th December last. I have not changed my opinion since then, and I do not propose to introduce such legislation.
Mr Frederick Pethick-Lawrence
, Edinburgh East
Is the right hon. Gentleman satisfied that we should have to pay this additional rate on Treasury Bills and is he not prepared to ask for any powers to help to keep down the rate on day-to-day money?
Mr John Simon
, Spen Valley
I think that if we take all the influences which are at work, we arrive, on the whole, at a very fair result.
Mr John Wilmot
, Lambeth Kennington
Is the right hon. Gentleman content with the figures which he gave me just now on the same subject—that £3,000,000 of extra money has been paid during the war, as compared with the same period last year, on Treasury bill borrowing?
Mr John Simon
, Spen Valley
I think the hon. Member will see that in many matters—not only in this, but in other matters—war conditions are an operating consideration. The mere fact that we are borrowing more money by Treasury Bills itself has an influence.
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.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
A proposal for new legislation that is debated by Parliament.
