Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 18 February 1954.
Mr John Arbuthnot
, Dover
12:00,
18 February 1954
asked the Chancellor of the exchequer when it is proposed to bring the Currency and Bank Notes Act of 1954 into operation.
Mr John Boyd-Carpenter
, Kingston upon Thames
An order entitled the Currency and Bank Notes Act 1954 (Commencement) Order, 1954, bringing the Act into operation on 22nd February has been signed today and will be published tomorrow. The revocation of Defence (Finance) Regulations 7AA and 7AB will therefore take effect on Monday.
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.
