Part of Oral Answers to Questions — National Finance – in the House of Commons am 12:00 am ar 28 Ionawr 1947.
Mr Roland Robinson
, Blackpool South
12:00,
28 Ionawr 1947
asked the Chancellor of the exchequer whether he is aware that the Co-operative Wholesale Society's Bank is offering local authorities an interest rate of 1 per cent. on current accounts, as opposed to no interest from the joint stock banks, and 2 per cent. on deposit accounts provided seven days' notice of withdrawal is given, as opposed to one-half of one per cent. offered by the joint stock banks with 14 days' notice of withdrawal; and how he proposes to meet this threat to his cheap money policy.
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.
