Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 22 June 1954.
Sir Waldron Smithers
, Orpington
12:00,
22 June 1954
asked the Chancellor of the exchequer the purchasing power of the£sterling in April, 1954, taking 1935 as 20s.
Mr R.A. Butler
, Saffron Walden
Eight shillings. This estimate is based on the Ministry of Labour's cost of living index between 1935 and 1938, the index covering all consumer goods and services between 1938 and 1953, and the interim index thereafter.
Sir Waldron Smithers
, Orpington
Arising out of that answer is my right hon. Friend aware that I can only repeat the supplementary question I put to him on the last Question?
Mr Reginald Paget
, Northampton
Is not the£still worth 20s.?
Mr William Morrison
, Cirencester and Tewkesbury
Order. I did not take that as a serious question.
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.
