Oral Answers to Questions — National Finance – in the House of Commons am 12:00 am ar 2 Rhagfyr 1947.
Sub-Lieutenant Herschel Austin
, Stretford
12:00,
2 Rhagfyr 1947
asked the Chancellor of the exchequer whether he is satisfied that the contraction of the active note circulation by £19,769,000 in the past fortnight is not in some degree due to black market operators disposing of illicit gains; and whether he will now therefore give further consideration to the recall of the currency.
Sir Stafford Cripps
, Bristol East
I have nothing to add to the reply which I gave to the hon. Member for Bucklow (Mr. Shepherd) on 18th November.
Sub-Lieutenant Herschel Austin
, Stretford
While appreciating the importance of the element of surprise in this matter, will the Chancellor continue to bear in mind the enormous volume of the transaction involved?
Sir Stafford Cripps
, Bristol East
If the hon. Member will look at the answer I gave, I think he will be satisfied.
Lieut-Commander Joseph Braithwaite
, Holderness
Would not the Chancellor agree that the discussion during the Budget Debates on recalling the note issue has caused some embarrassment in the black market?
Sir Stafford Cripps
, Bristol East
It has apparently caused embarrassment to somebody.
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.
The Chancellor - also known as "Chancellor of the Exchequer" is responsible as a Minister for the treasury, and for the country's economy. For Example, the Chancellor set taxes and tax rates. The Chancellor is the only MP allowed to drink Alcohol in the House of Commons; s/he is permitted an alcoholic drink while delivering the budget.
