Part of the debate – in the House of Commons at 12:00 am on 18 December 1973.
Mr Edward Heath
, Bexley
12:00,
18 December 1973
The right hon. Gentleman must be more precise in his language. A wage offer by the National Coal Board which amounts to an increase of 13 per cent. in a year, plus 3½ per cent. in addition from an efficiency scheme, is not holding down wages in any sense whatever of the English language.
Yesterday my right hon. Friend the Chancellor of the exchequer described the extent of the subsidies that are being paid to industries on prices—£150 million for coal, which may double, and £75 million for electricity—and he said that we would enter into discussions with the nationalised industries about any increases in prices to meet part of that subsidy.
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.
