Oral Answers to Questions — Finance Act. – in the House of Commons am ar 7 Gorffennaf 1925.
Mr Herbert Williams
, Reading
asked the Chancellor of the exchequer the receipts and repayments of Excess Profits Duty during the three months ended 30th June, 1925, and the arrears outstanding on that date?
Mr Winston Churchill
, Epping
The approximate gross receipt of Excess Profits Duty (including Munitions Levy) during the three months ended 30th June, 1925, was £2,560,000. Repayments of duty during the same period amounted to £2,640,000, leaving a net deficit of £80,000. The amount of Excess Profits Duty (including Munitions Levy) in assessment, but un paid at the 30th June, 1925, was approximately £123,000,000; but the amount to be ultimately received by the Exchequer will fall far short of this figure.
Mr Hugh Dalton
, Camberwell Peckham
Does the Chancellor still believe that his estimate for the present financial year of the Excess Profits Duty will be realised?
Mr Winston Churchill
, Epping
I have not seen any reason to anticipate a different result.
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.
