Part of Oral Answers to Questions — National Finance. – in the House of Commons am ar 28 Mehefin 1933.
Mr William Mabane
, Huddersfield
asked the Chancellor of the exchequer what is the present nominal loss per cent. made by the Issue Department of the Bank of England on gold purchased for the Exchange Equalisation Account; whether that loss is made good to the Issue Department from the funds of the Ex- change Equalisation Account; and whether credit is taken by the Exchange Equalisation Account for the gold held on its behalf by the Bank of England at the current day-to-day price?
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.
