Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 11 March 1947.
Mr. Q. J. Williams:
asked the Chancellor of the exchequer what has been the effect of the rise in prices in the U.S.A. on the purchasing power of the dollar; and to what extent it is estimated that this has reduced the value of the U.S. Loan.
Mr Hugh Dalton
, Bishop Auckland
I would refer my hon. Friend to my reply to the hon. Member for Moseley (Sir P. Hannon) on 17th December last. Since then, United States wholesale prices have risen by about 5 per cent.
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.
