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Italy (Debt to Great Britain).

Oral Answers to Questions — Government Departments. – in the House of Commons am ar 23 Gorffennaf 1925.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Sir Gerald Strickland Sir Gerald Strickland , Lancaster

59.

asked the Chancellor of the exchequer what is the approximate total of British loans outstanding and due by Italy; whether they are liable to fluctuation or variations of the exchange; and whether any rate of interest has been agreed with reference thereto?

Mr. GUINNESS:

The debt of the Italian Government to the British Government as on 30th June, 1925, is £589,530,000. This amount is payable in sterling and is not affected by variations in the exchange. Interest as it accrues, at the rate of 5 per cent. is added to the capital.

Photo of Sir Gerald Strickland Sir Gerald Strickland , Lancaster

Until this debt is paid, will my right hon. Friend invite the Italian Government to cease or abate pro-Italian propaganda in Malta?

Photo of Mr John Whitley Mr John Whitley , Halifax

Order, order! That is quite improper matter to introduce into a supplementary question. I should require to scrutinise very carefully any question of that kind.

Photo of Mr William Thorne Mr William Thorne , West Ham Plaistow

Will the right hon. Gentleman say whether the country in question has paid any principal and interest at all?

Mr. GUINNESS:

It has paid interest, but not principal. We have had communications with them, and they are considering the matter, we understand.

Sir F. HALL:

In regard to the £589,000,000 to which the right hon. Gentleman has referred, which he says does not include the interest, can he say what is the amount of compound interest for the period for which the amount has been due?

Mr. GUINNESS:

It does include interest.

Photo of Mr Robert Taylor Mr Robert Taylor , Lincoln

Does the right hon. Gentleman say that Italy is paying the interest on the whole of her debt?

Mr. GUINNESS:

No, she is not paying interest.

Mr. ERSKINE:

Did the House understand that the Italian Government was paying the interest?

Mr. GUINNESS:

No—I misunderstood the question—certainly not.

Chancellor of the Exchequer

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.