Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 24 February 1959.
Mr Hilary Marquand
, Middlesbrough East
12:00,
24 February 1959
asked the Chancellor of the exchequer his estimates of the quantities of steel which will be required for the fulfilment of investment programmes in the public sector in each quarter of the year 1959.
Mr Hilary Marquand
, Middlesbrough East
Can the right hon. Gentleman tell the House what increase that figure represents over the past year, and how much of the slack in the steel industry, now resulting in unemployment and unused capacity, he expects to take up by that increase?
Mr. Amory:
I am afraid that it is very difficult to say. This is an estimate of what we believe will be about the take-up of steel in the public investment projects which will be carried out during the present year. I would say that the amount would be somewhat above last year's. The total of the programme is considerably in excess, of course, but I find it difficult to compute exactly the component of steel in the projects.
Mr Hilary Marquand
, Middlesbrough East
Is not the right hon. Gentleman badly failing in his duty to the Iron and Steel Board? How can the Iron and Steel Board plan for an increased output of steel if the right hon. Gentleman cannot be more precise than this in his estimates?
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.