Part of the debate – in the House of Commons at 12:00 am on 20 December 1973.
Gerald Kaufman
, Manchester Ardwick
12:00,
20 December 1973
How does what the right hon. Gentleman has just said, which in normal circumstances would be welcome, square with what his right hon. Friend the Chancellor of the exchequer said, as reported in HANSARD, on Monday when he talked about a reduction in the amount of grant previously envisaged for 1974–75? The right hon. Gentleman talked about an increase while the Chancellor told us that there will be a reduction.
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.
