Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 29 November 1973.
Mr Willie Hamilton
, Fife West
12:00,
29 November 1973
asked the Chancellor of the exchequer if he will make a further statement on the Page Report on National Savings.
Mr Anthony Barber
, Altrincham and Sale
I have nothing further to add to my reply to the hon. Member for Gateshead, West (Mr. Horam) on 25th October.—[Vol. 861, c. 1459.]
Mr Willie Hamilton
, Fife West
Is the Chancellor aware that that is a disgracefully complacent reply? Why has this report been swept under the carpet when the small, unsophisticated investor is being swindled week by week and the Government are doing nothing about it? Is he also aware that the Government are doing nothing about the property speculator who can make millions in a day simply by purchasing property with one hand and selling it with the other?
Mr Anthony Barber
, Altrincham and Sale
The hon. Gentleman will realise that major questions are involved in the report's recommendations. We are at present consulting with the Trustee Savings Banks Association, the national savings movement and others concerned. The hon. Gentleman will recognise that the terms of all national savings facilities have been improved by the Government, and in the last three years, in money terms and real terms, national savings have increased by about six times the amount raised in the six years of the Labour Government.
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.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
