Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 29 November 1973.
Hon. John Astor
, Newbury
12:00,
29 November 1973
asked the Chancellor of the exchequer what he estimates will be the amount of VAT payable in an average year by charitable organisations in respect of equipment purchased specifically for the purposes of medical research ; and how this figure compares with their liability to tax in respect of such purchases before the introduction of VAT.
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.
