Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 24 March 1955.
Mr Roy Jenkins
, Birmingham Stechford
12:00,
24 March 1955
asked the Chancellor of the exchequer to what extent the Exchange Equalisation Account is still supporting the free market for sterling.
Mr Reginald Maudling
, Barnet
It would not be in the public interest for me to disclose the operations of the Exchange Equalisation Account.
Mr Roy Jenkins
, Birmingham Stechford
Are we at any stage to be given an estimate of how much in gold and dollars this operation has cost the Exchange Equalisation Account?
Mr Reginald Maudling
, Barnet
We publish regularly figures of the movement of gold and dollar reserves, but it has never been and never will be the practice to disclose the operations of the Exchange Equalisation Account, because that would not be in the public interest.
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.
