Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 22 April 1948.
Mrs Jean Mann
, Coatbridge
12:00,
22 April 1948
asked the Chancellor of the exchequer if he is aware that soft haberdashery like tapes, braids, elastics, etcetera, have not been considered haberdashery but tissues; and in consequence of this interpretation these goods have not been reduced in tax from 50 per cent. to 33⅓ per cent. but have been increased to 66⅔ per cent.; and if he will consider reclassifying these goods.
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.
