Oral Answers to Questions — National Finance. – in the House of Commons at on 16 October 1941.
Mr Richard Stokes
, Ipswich
asked the Chancellor of the exchequer how much money has been spent on advertisements urging the public to invest in War Loan and interest-free loans, respectively?
Sir Kingsley Wood
, Woolwich West
Since November, 1939, approximately £968,000 has been spent on advertising the various forms of War Loan. No money has been spent on advertising interest-free loans, and this form of lending has been the result of the patriotism of those who have spontaneously chosen to assist our war effort in this way.
Mr Richard Stokes
, Ipswich
Will the Chancellor arrange to take a sum at least equal to the interest which would be payable on the amount subscribed to interest-free loans had that amount been invested in War Loan, so as to advertise encouraging people to lend their money to the Government free of interest?
Sir Kingsley Wood
, Woolwich West
I will think that over.
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.
