Part of the debate – in the House of Commons at 12:00 am on 9 June 1964.
Mr Marcus Lipton
, Lambeth Brixton
12:00,
9 June 1964
If the Prime Minister agrees with the Chancellor of the exchequer that rates will continue to rise substantially unless the present system is modified, is that any excuse for him to be as lazy as the Chancellor of the Exchequer in his approach to the problem?
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.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
