Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 23 June 1964.
Mr Luke Teeling
, Brighton, Pavilion
12:00,
23 June 1964
asked the Chancellor of the exchequer if he will take steps to revive the machinery of post-war credits to collect sums from young people under 20 to be held for them until they are either 25 or are getting married, whichever is the earlier, in view of the fact that they are earning money which they do not know how to spend.
Mr Alan Green
, Preston South
No, Sir.
Mr Luke Teeling
, Brighton, Pavilion
Why, Sir?
Mr Alan Green
, Preston South
Well, Sir, we do not believe that this is the correct way of getting young people to save.
Mr Julian Snow
, Lichfield and Tamworth
Is not the proposal in the Question a gross infringement of private rights and are not the vast Majority of young people perfectly responsible?
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 term "majority" is used in two ways in Parliament. Firstly a Government cannot operate effectively unless it can command a majority in the House of Commons - a majority means winning more than 50% of the votes in a division. Should a Government fail to hold the confidence of the House, it has to hold a General Election. Secondly the term can also be used in an election, where it refers to the margin which the candidate with the most votes has over the candidate coming second. To win a seat a candidate need only have a majority of 1.
