Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 28 July 1964.
Mr Clive Bossom
, Leominster
12:00,
28 July 1964
asked the Chancellor of the exchequer whether he will consider introducing a 4s. or 5s. piece in place of the present 2s. 6d. coin.
Mr Reginald Maudling
, Barnet
No, Sir.
Mr Clive Bossom
, Leominster
As this country is gradually moving towards the adoption of the decimal system, could not we have 100s. or £5 as the unit of currency? This formula would save hundreds of thousands of pounds. If it is worked out, could not the half-crown piece be discontinued? Then we would need only to get rid of the threepenny and sixpenny piece later on. In the meantime, will' not my right hon. Friend consider this proposal? Can he tell us whether the Government will make a statement on the findings of the Halsbury Report, and what action will be taken?
Mr Reginald Maudling
, Barnet
These are very interesting suggestions, but they go rather wide of the original Question.
Mr Emanuel Shinwell
, Easington
In view of the reduced value of money since the Government came in in 1952, is not this a most desirable—indeed, an essential—proposal?
Mr Reginald Maudling
, Barnet
The half-crown stood up to the party opposite.
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.
