Part of the debate – in the House of Commons at 12:00 am on 6 December 1973.
Mr Denis Healey
, Leeds East
12:00,
6 December 1973
Is the Chancellor of the exchequer aware that there will be disappointment on both sides of the House that reports to the effect that he courageously admitted yesterday that the assumptions on which he based his Budget strategy had been undermined by the energy crisis now appear to be untrue and that he is still showing the same complacency as he and his right hon. Friend the Secretary of State for Trade and Industry have been showing for so many weeks?
Will the right hon. Gentleman comment on the trade figures published yesterday which show, contrary to Government claims over the last few weeks, that the volume of imports has not increased since January whereas the volume of exports has increased by 9·6 per cent.? I am sorry. Obviously I was overcome by the Government propaganda to which I referred. I meant to say that the volume of exports had not increased since January, whereas the volume of imports had increased by 9·6 per cent.
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.
Secretary of State was originally the title given to the two officials who conducted the Royal Correspondence under Elizabeth I. Now it is the title held by some of the more important Government Ministers, for example the Secretary of State for Foreign Affairs.
