Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 30 June 1964.
Mr James Callaghan
Shadow Chancellor of the Exchequer, Member, Labour Party National Executive Committee
12:00,
30 June 1964
I had representations from the bookmakers telling me that the Chancellor would not collect any duty because this kind of betting would cease. Could the Economic Secretary tell the House whether the bookmakers are satisfied that the way the Clause is now drawn will both enable them to make a living and give the Chancellor some revenue?
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
