Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 13 May 1947.
Sir Walter Fletcher
, Bury
12:00,
13 May 1947
asked the Chancellor of the exchequer what proportion of tobacco imported into this country was re-exported after processing to other countries in the hard-currency area and in the soft-currency area, respectively, from 1st January, 1946, to 1st April, 1947
Mr Hugh Dalton
, Bishop Auckland
0.2 per cent. and 6 per cent. respectively.
Sir Walter Fletcher
, Bury
That is a considerable figure to soft currency areas. Will the Chancellor of the exchequer say what means he proposes to take so that we do not expend our dollar loan in order to sell tobacco and cigarettes to soft currency countries where they, in turn, sell them to the public at a much cheaper price than that at which the consumer is able to buy them here?
Mr Hugh Dalton
, Bishop Auckland
For the purposes of this classification the whole of the British Empire, including Canada, is classified as a soft currency area, and, in fact, 77.5 per cent. of the soft currency exports here defined go to British Empire markets. I think the hon. Gentleman is slightly misunderstanding the situation.
Sir Walter Fletcher
, Bury
That is not a satisfactory answer. Will the Chancellor explain whether in his view it is wise to expend a high proportion of our dollar loan on buying tobacco and cigarettes which are then sent to soft currency areas, even though they are in the British Empire?
Mr Hugh Dalton
, Bishop Auckland
Over 77 per cent. go to the British Empire and I think that is a pretty good proportion, and we ought to be pleased with it.
Sir Walter Fletcher
, Bury
That is not the answer to my question.
Mr Hugh Dalton
, Bishop Auckland
It is my answer.
Hon. Oliver Stanley
, Bristol West
Can the right hon. Gentleman say what proportion processing adds to the price of the tobacco bought in America?
Mr Hugh Dalton
, Bishop Auckland
With notice, with pleasure.
Sir Frank Sanderson
, Ealing East
Would the right hon. Gentleman consider the importation of tobacco from Bulgaria where I understand there is a considerable quantity available for export?
Sir Waldron Smithers
, Orpington
The Russians have it all.
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.
