Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 12 June 1945.
Mr Frederick Pethick-Lawrence
, Edinburgh East
12:00,
12 June 1945
Does not the Chancellor of the exchequer recollect that when I asked that these financial corporations should exercise hot merely financial considerations but also national considerations he told me that I need not trouble about that because it would be attended to by the Capital Issues Committee? Now he has abrogated it by increasing the limit from £10,000 to £50,000. It makes a considerable difference. As that is so, he ought to insist that these financial corporations should take into account national as well as financial issues.
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.
