Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 2 December 1947.
Sub-Lieutenant Herschel Austin
, Stretford
12:00,
2 December 1947
asked the Chancellor of the exchequer whether he is satisfied that the contraction of the active note circulation by £19,769,000 in the past fortnight is not in some degree due to black market operators disposing of illicit gains; and whether he will now therefore give further consideration to the recall of the currency.
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.
