Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 27 November 1956.
Mr Willie Hamilton
, Fife West
12:00,
27 November 1956
asked the Chancellor of the exchequer what will be the estimated loss to the revenue in the current financial year and in a full year, respectively, consequent on the rationing of petrol and oils.
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.
