Part of Oral Answers to Questions — Trade and Industry – in the House of Commons at 12:00 am on 5 June 1991.
Peter Lilley
Secretary of State for Trade
12:00,
5 June 1991
I shall certainly ask the Director General of Fair Trading to investigate any anti-competitive practices in which I have received evidence that the banks are indulging, whether the evidence results from the inquiries of my right hon. Friend the Chancellor of the exchequer or otherwise. I have received no evidence and no evidence has been submitted by the hon. Gentleman to me or to the Director General. [Interruption.] There have been allegations, but first we must establish the facts. That is what my right hon. Friend the Chancellor of the Exchequer and the Bank of England are doing. Only in the light of facts can decisions be taken.
I am aware of the deep anxiety among small businesses about various practices of which they accuse the banks. That is why I asked my regional offices to initiate a series of meetings—the first of which took place three weeks ago in the west midlands—between banks and businesses at which businesses could put directly to the banks the changes that they wish to see.
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.
