Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 29 November 1973.
Mr David James
, North Dorset
12:00,
29 November 1973
asked the Chancellor of the exchequer whether he will take steps to make Republic of Ireland currency legal tender in the United Kingdom.
Mr Terence Higgins
, Worthing
No, Sir.
Mr David James
, North Dorset
As British currency circulates freely throughout the Republic of Ireland and in Northern Ireland, would not it be a matter of convenience to have a mutual arrangement?
Mr Terence Higgins
, Worthing
I understand my hon. Friend's interest in the matter, but I am bound to say that a change of the kind which he suggests would create problems much more troublesome than the relatively minor inconveniences which now occasionally arise. If we were to consider arrangements regarding legal tender, very broad questions would be involved. Therefore, I cannot accept the argument which my hon. Friend puts forward.
Mr Dick Douglas
, Clackmannan and East Stirlingshire
In reconsidering the matter, does the hon. Gentleman concede that we should consider making the currency of the joint stock banks of Scotland legal tender in the United Kingdom?
Mr Terence Higgins
, Worthing
That is a matter which has been raised on previous occasions. Again, there are real problems.
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.
