Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 29 November 1973.
Hon. Nicholas Ridley
, Cirencester and Tewkesbury
12:00,
29 November 1973
asked the Chancellor of the exchequer what is the total amount borrowed by public industries and public and local authorities overseas since June 1970.
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.
