Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 16 June 1947.
Mr Ralph Assheton
, City of London
12:00,
16 June 1947
I have not more than one point I wish to raise because, for one thing, I am tired talking about bonus shares in the middle of the night. The hon. Member for Flint (Mr. Birch) put this case very well and he was very well followed by the hon. and gallant Member for Barkston Ash (Colonel Ropner), I do not think the Solicitor-General really answered the main point. He has told the Committee that reasons of logic prevent the Chancellor of the exchequer accepting the new Clause. There will be a considerable sense of grievance if the new Clause is not accepted—a very legitimate grievance. A company which has worked its way back to prosperity will feel it is not being treated fairly or given a fair deal when the happy day is reached for it suffers a heavy tax at the hands of the Chancellor. The hon. Member for Chesterfield has said it would not be tidy. You cannot make a rubbish heap tidy, and the bonus tax is about the biggest rubbish heap ever seen in this House. For that reason we propose to divide.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
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.
