Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 16 June 1947.
Sir George Benson
, Chesterfield
12:00,
16 June 1947
The untidiness is on the opposite side. As a person who prides himself on having a tidy mind in financial matters, I strongly object to the introduction of illogicality and lack of consistency into any tax. It is perfectly true that the Chancellor of the exchequer does, from time to time, give concessions which are themselves illogical and which destroy the logicality of a tax. If he does that it is for the purpose of furthering some public policy. But that is not involved here. No one can get sentimental about the bonus tax, and certainly there is nothing in public policy which would suggest that the issue of bonus shares should take place. I am not arguing whether they are good or bad, but there is nothing in public policy which suggests that the Chancellor of the Exchequer should facilitate them.
Hon. Gentlemen suggested that the penalisation of the issue of bonus shares imposed a burden. There is no compulsion to issue bonus shares. It may be desirable to issue bonus shares, or it may not. It is purely a voluntary action upon the part of the company that does so, and there is no burden imposed upon it if it does not. It does not put a company in any better position to trade or make it financially stronger to issue bonus shares. It is purely a book-keeping transaction. I am sorry to oppose this because I have noticed that hon. Gentlemen opposite during the whole of this Debate have been very generous in supporting any concession asked for from this side, even though they had the last 25 years to grant those concessions themselves. I would have liked to reciprocate, but, frankly, appealing once again to my tidy mind, I should resist any attempt to make a bonus tax illogical by this means.
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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.
