– in the House of Commons am ar 6 Rhagfyr 1926.
Mr Herbert Williams
, Reading
asked the Chancellor of the exchequer the total receipts and the repayments of Excess Profits Duty and munitions saving since 31st March, 1926, and the estimated gross and net arrears now outstanding?
Mr Ronald McNeill
, Canterbury
The approximate gross receipt of Excess Profits Duty (including Munitions Levy) for the period from 1st April, 1926, to 30th November, 1926, was £4,544,000, and repayments during the same period amounted to 23,540,0.10, leaving a net receipt of £1,004,000. It is estimated that the total amount of duty in assessment but not paid is in the neighbourhood of £100,000,000; of this amount, however, very large sums are subject to adjustment on appeal or otherwise, and the duty to be ultimately received by the Exchequer will therefore fall far short of the nominal amount in assessment.
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.
