Part of Oral Answers to Questions — Trade and Commerce – in the House of Commons at 12:00 am on 10 July 1947.
Sir Stafford Cripps
, Bristol East
12:00,
10 July 1947
As my right hon. Friend the Chancellor of the exchequer has already said in his statement on the import programme on 30th June, it is regrettably necessary to restrict imports, and the sizes of newspapers will consequently have to be reduced.
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.
