Oral Answers to Questions — National Finance – in the House of Commons am 12:00 am ar 21 Ebrill 1970.
Mr David Lane
, Cambridge
12:00,
21 Ebrill 1970
asked the Chancellor of the exchequer what percentage increases in productivity and in earnings, respectively, during 1970–71 he assumed when framing his Budget.
Mr Jack Diamond
, Gloucester
The forecasts published in the Financial Statement and Budget Report 1970–71 contain estimates of expenditure, imports and gross domestic product at 1963 prices; forecasts of earnings and employment have never been provided.
Mr David Lane
, Cambridge
Is not it clear that the relationship between these prospective increases will be highly inflationary? Will the right hon. Gentleman now tell us what the Chancellor overlooked giving us last night, his judgment of the likely trend of prices during the rest of the financial year?
Mr Jack Diamond
, Gloucester
My right hon. Friend took all these matters into account in his judgment, and he also took into account three years ago that it would be helpful to the House if it had the kind of information which the hon. Gentleman's Government never provided. He therefore provided that information, and I am sure that it has been very interesting and helpful to the House.
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.
