Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 8 July 1947.
Mr. H. D. Hughes:
asked the Chancellor of the exchequer the amount of currency made available for expenditure by British travellers for commercial and non-commercial purposes, respectively, since the introduction of the basic travel ration and in any recent period.
Mr Hugh Dalton
, Bishop Auckland
About £8 and £11 million, respectively, in foreign exchange in the year ending October, 1946, and about £5 and £7½ million in the following six months.
Mr. Hughes:
Can the Chancellor say how much of this was available for expenditure in hard currencies?
Mr Hugh Dalton
, Bishop Auckland
None of this is necessary in regard to the sterling areas, which were excluded from the beginning. The greater part would be in what we customarily call hard currency areas.
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.
