Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 10 July 1947.
Sir John Mellor
, Sutton Coldfield
12:00,
10 July 1947
asked the Chancellor of the exchequer if he will explain the estimate on page 5 of the National Savings Committee's weekly campaign circular, dated 5th July, 1947, that for the week ended 21st June the total amount of savings remaining invested was increased, in respect of accrued interest, by £2,265,000; and whether the increase in the capital value of savings certificates was treated as interest for this purpose.
Mr William Hall
, Colne Valley
This figure, which is given regularly every week, is the estimated amount of interest accrued during the week, on Savings Bank deposits and on certificates outstanding.
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.
