Part of the debate – in the House of Commons at 12:00 am on 9 June 1964.
Sir Alec Douglas-Home
, Kinross and West Perthshire
12:00,
9 June 1964
We have set certain machinery in motion. Professor Allen has a committee in being which is looking into the facts of the matter and will report. No doubt we will have to take some action, but we want to take the right action on the right facts.
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.
