Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 23 June 1964.
Mr. Eldelman:
But will the Chancellor of the exchequer consider whether he is effectively exercising powers under the Exchange Control Act which was introduced by a Labour Government? Is he aware that in his statement on 8th June ho said that the Rootes family and their associates will continue to hold 50 per cent. of the voting shares, but is it not the case that the Rootes family and its associates held only 56 per cent. of the voting shares and as Chrysler has now already acquired 30 per cent. of the shares, does not this suggest that Chrysler will become very shortly the dominant shareholder in the Rootes company?
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.
