Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 29 July 1947.
Mr Oliver Crosthwaite-Eyre
, New Forest and Christchurch
12:00,
29 July 1947
asked the Chancellor of the exchequer with what countries arrangements have been concluded whereby sterling received by them from the International Fund becomes convertible; and whether such arrangements apply also to all sterling-area currencies.
Mr Hugh Dalton
, Bishop Auckland
No such arrangements are needed, since sterling received from the Fund, is not distinguished from other sterling currently accruing.
Mr Oliver Crosthwaite-Eyre
, New Forest and Christchurch
Does that mean that all the sterling we have made available to the International Monetary Fund is convertible; and does it further mean that all currencies within the sterling area are ex-changeable first, into sterling, and, secondly, into any other currency?
Mr Hugh Dalton
, Bishop Auckland
I have tried to put the answer very plainly to the hon. Gentleman's Question. No special problem arises with regard to moneys drawn from the Fund as distinct from the general problem of sterling currently accruing. Sterling drawn from the fund is sterling currently accruing.
Mr Oliver Crosthwaite-Eyre
, New Forest and Christchurch
Does this mean that in addition to sterling currently accruable, all sums drawn from the International Monetary Fund either in sterling or sterling area currencies are convertible?
Mr Hugh Dalton
, Bishop Auckland
Yes, certainly.
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.
