Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 23 June 1964.
Mr Patrick Duffy
, Colne Valley
12:00,
23 June 1964
asked the Chancellor of the exchequer if he will introduce a security, in the form of a national equity, which would contractually commit the Government to pay an annual dividend which would be determined by the gross national product.
Mr Reginald Maudling
, Barnet
No, Sir.
Mr Patrick Duffy
, Colne Valley
Is not the right hon. Gentleman aware that there is great scope here for imagination on the part of a Chancellor of the exchequer who wants to diversify the range of stock now available to investors, and especially Government stock, which is his responsibility? Is he aware that there is a special need to offer small investors in Government stock some measure of protection against current inflationary tendencies and at the same time offer them some hope of a share in future national prosperity?
Mr Reginald Maudling
, Barnet
These are very wide subjects, difficult to deal with in Question and Answer. The Question referred to a national equity. This is a misconception, because equity involves an element of risk which is not present in a Government-guaranteed security.
Mr William Clark
, Nottingham South
Would my right hon. Friend not agree that savings are now 20 times higher than they were in 1951 and that these savings will increase, but only with the continuance of a Conservative Government?
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.
