Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 25 February 1947.
General Sir George Jeffreys
, Petersfield
12:00,
25 February 1947
asked the Chancellor of the exchequer by what methods it is proposed to collect Income Tax on the pay, training expenses allowance and annual bounty recently announced for the reconstituted T.A.; and when the Pay-as-you-earn system is made use of, who is to make the calculations as to tax due, collect the money and keep the necessary accounts.
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.
