Oral Answers to Questions — National Finance. – in the House of Commons at on 19 June 1941.
Mr Richard Stokes
, Ipswich
asked the Chancellor of the exchequer what part is played by the Treasury in fixing the price of gold; and what other parties are concerned?
Sir Kingsley Wood
, Woolwich West
The price at which gold is bought on behalf of the Treasury is fixed by the Treasury in consultation with the Bank of England.
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.
