Part of the debate – in the House of Commons am 12:00 am ar 4 Rhagfyr 1973.
Mr Edward Heath
, Bexley
12:00,
4 Rhagfyr 1973
My right hon. Friend the Chancellor of the exchequer already has overall responsibility for the management of public expenditure, and its rate of growth is being successfully curtailed.
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.
