Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 18 April 1991.
Mr Robert Sheldon
Chair, Public Accounts Committee, Chair, Public Accounts Committee
12:00,
18 April 1991
I welcome the number of clauses in the Finance Bill that deal with business taxation. Is the Chancellor aware, however, that it is estimated that perhaps £2 billion of the amount that he will receive from corporation tax will be a tax on inflation? That will seriously affect the cash flow of a number of companies. Cannot the Chancellor take further action to help companies at serious times?
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.
