Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 10 July 1947.
Mr Daniel Lipson
, Cheltenham
12:00,
10 July 1947
asked the Chancellor of the exchequer if it is the intention of His Majesty's Government to ask the U.S.A. to agree to a modification of the Anglo- U.S. Loan Agreement so as to permit Britain to buy commodities from soft currency countries and at the same time to restrict imports from hard currency countries.
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.
