Part of the debate – in the House of Commons at on 24 March 1943.
Hon. Oliver Stanley
, Westmorland
The general economic problem in Palestine is inseparable from that of the Middle East area as a whole, which was dealt with in an answer given by the Chancellor of the exchequer to a Question by my hon. Friend the Member for East Fulham (Mr. Astor) on 17th March. The retail price of essential foodstuffs in Palestine has risen some 150 per cent. above pre-war levels, wages of the lowest paid classes of workers having risen accordingly. Steps taken and in contemplation by the Government of Palestine include the subsidisation of the cost of essential foodstuffs, the improvement of distribution by bulk purchase and rationing measures, extension of communal feeding, and, as in this country, the increase of taxation on those able to bear it, in order to absorb some of the excess purchasing power which is one of the aggravating factors in the situation.
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.
