Oral Answers to Questions — Budget. – in the House of Commons am ar 8 Mai 1924.
Mr John Black
, Harborough
asked the Chancellor of the exchequer whether he will state, as approximately as possible, the total national income from all sources for the years ending April, 1923, and 1924?
Mr Philip Snowden
, Colne Valley
I know of no estimate of national income having been made for these years.
Mr John Black
, Harborough
asked the Chancellor of the exchequer the total gross amount of national income, as ascertained by the surveyors for Income Tax, before deductions of any kind are made for the years ending April, 1923, and 1924?
Mr Philip Snowden
, Colne Valley
As the reply contains a number of figures, I will, with the hon. Member's permission, circulate it in the OFFICIAL REPORT.
Final statistics for the years 1922–23 and 1923–24 are not yet available, but the following estimates have been made for the year 1922–23 of the income assessable under the Income Tax Acts:
| United Kingdom. | |
| £ | |
| Gross Income | 2,900,000,000 |
| Deductions (necessary to reduce the gross income to the actual income liable to tax for exemptions, repairs to property, wear and tear of machinery, overcharges in assessment, etc. | 600,000,000 |
| Actual income liable to tax, before deductions of personal or family allowances and reliefs | 2,300,000,000 |
It will be appreciated that the significant figure above is that showing the estimated actual income, which means the statutory income of taxpayers, estimated in accordance with the provisions of the Income Tax Acts, and excluding the income of individuals with a total income not exceeding £135 of assessable income. Only a minute portion of the income of such individuals comes under the notice of the Board of Inland Revenue.
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.
