Part of Oral Answers to Questions — Duchy of Lancaster – in the House of Commons at 12:00 am on 3 June 1991.
Dr Jack Cunningham
Chair, House of Commons (Services): Computer Sub-Committee, Shadow Leader of the House of Commons
12:00,
3 June 1991
When the Chancellor of the Duchy goes to the north-west, will he accept that people there are far more at risk from the failed policies of the Conservative Government than from anything that the Liberal Democrats may have to offer? Will he tell those in the north-west—the 8,000 people who lost their jobs in April alone, the 745 companies which went into liquidation in the first three months of this year and the 606 companies that went bankrupt this year—whether he shares the view of the Chancellor of the exchequer that that is a price well worth paying?
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.
