Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 28 July 1964.
Mr Jo Grimond
, Orkney and Shetland
12:00,
28 July 1964
asked the Chancellor of the exchequer what arrangements have been made with the European Central Banks during the last six months for them to increase their holdings of sterling or otherwise assist the £.
Mr Reginald Maudling
, Barnet
None, Sir.
Mr Jo Grimond
, Orkney and Shetland
May we take it that no assistance of any kind has been requested or given by the European Central Banks?
Mr Reginald Maudling
, Barnet
One cannot always disclose all the operations of the Exchange Control, but I am prepared to say—as I said—that the answer is, "None, Sir." In fact European holdings of sterling have been falling, not rising.
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.
