Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 22 April 1948.
Sir John Crowder
, Finchley
12:00,
22 April 1948
asked the Chancellor of the exchequer why, in view of the fact that the Purchase Tax on haberdashery is to be reduced, such articles as tapes, bindings and elastics have now been re-classified as tissue, thereby qualifying for a higher rate of Purchase Tax.
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.
