Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 23 June 1964.
Mr Stratton Mills
, Belfast North
12:00,
23 June 1964
asked the Chancellor of the exchequer what is the total number of persons who have any unearned income; and if he will express this figure as a percentage of all taxpayers.
Mr Alan Green
, Preston South
I regret that this information is not available.
Mr Stratton Mills
, Belfast North
Would my hon. Friend agree that approximately 4 million people, or about 20 per cent. of the taxpayers of this country, have an unearned income? Is not this a satisfactory and growing increase? In view of the large number of people having an interest in this matter, would my hon. Friend consider circulating "Signposts for the Sixties" to the taxpayer through the Inland Revenue?
Mr Alan Green
, Preston South
I am not sure that I can justify spending taxpayers' money in that way.
Mr James Callaghan
Shadow Chancellor of the Exchequer, Member, Labour Party National Executive Committee
Will the hon. Gentleman ask his hon. Friend the Member for Belfast, North (Mr. Stratton Mills) to stop using this term "unearned income" when he is referring to the savings of a great many small people and they find the use of this term by Tory Party propagandists very offensive?
Mr Alan Green
, Preston South
I cannot help it if the hon. Member is offended by certain phrases which may be used in the House, but if he prefers the term "investment income" I do not mind.
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 political party system in the English-speaking world evolved in the 17th century, during the fight over the ascension of James the Second to the Throne. James was a Catholic and a Stuart. Those who argued for Parliamentary supremacy were called Whigs, after a Scottish word whiggamore, meaning "horse-driver," applied to Protestant rebels. It was meant as an insult.
They were opposed by Tories, from the Irish word toraidhe (literally, "pursuer," but commonly applied to highwaymen and cow thieves). It was used — obviously derisively — to refer to those who supported the Crown.
By the mid 1700s, the words Tory and Whig were commonly used to describe two political groupings. Tories supported the Church of England, the Crown, and the country gentry, while Whigs supported the rights of religious dissent and the rising industrial bourgeoisie. In the 19th century, Whigs became Liberals; Tories became Conservatives.
