Oral Answers to Questions — National Finance – in the House of Commons am 12:00 am ar 2 Rhagfyr 1947.
Mr Cyril Osborne
, Louth Borough
12:00,
2 Rhagfyr 1947
asked the Chancellor of the exchequer what is the approximate purchasing power today of a Savings Certificate purchased in August, 1939; and if he will assure purchasers of Savings Certificates that there will be no loss to them of purchasing power in the future.
Sir Stafford Cripps
, Bristol East
A 15s. Savings Certificate bought in August, 1939, is worth 18s. 9d. today. Its future purchasing power, if cashed, depends on what is bought with the money, and it is therefore impossible to consider any such assurance as that suggested by the hon. Member.
Mr Cyril Osborne
, Louth Borough
May I ask the Chancellor of the exchequer why he has deliberately misinterpreted the meaning of the Question? I want to know what is the purchasing value in normal commodities of a certificate now as compared with 1939. Is he not aware that inflation is a deterrent to the Savings Movement?
Sir Stafford Cripps
, Bristol East
It is quite impossible to state what the purchasing power is, unless we know on what the money is to be spent. Some foodstuffs, for example, are at prewar prices. If it is spent on those, then the purchasing power is the same as in 1939. Other articles are more expensive.
Mr William Shepherd
, Bucklow
Would the purchasing power be more or less?
Sir Stafford Cripps
, Bristol East
In some cases it would be more.
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.
