Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 27 November 1956.
Mr Reginald Moss
, Meriden
12:00,
27 November 1956
asked the Chancellor of the exchequer if he will estimate the additional dollar expenditure required through loss of oil supplies from the Middle East.
Mr Harold Macmillan
, Bromley
I would refer the hon. Member to the reply that I gave to the hon. Member for West Ham, North (Mr. Lewis) on 20th November.
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.
