Oral Answers to Questions — National Finance. – in the House of Commons at on 9 September 1941.
Mr William Craven-Ellis
, Southampton
asked the Chancellor of the exchequer whether he will now consider introducing a system of Excess Income Tax and thereby avoid uncontrolled inflation, which appears inevitable if a larger proportion of the increase in volume of money wages is not returned to the Government in one form or another?
Sir Kingsley Wood
, Woolwich West
I would refer my hon. Friend to my statement on this matter on 7th April last.
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.
