Part of Oral Answers to Questions — Health – in the House of Commons at 12:00 am on 5 November 1991.
Mr William Waldegrave
, Bristol West
12:00,
5 November 1991
For the future, my hon. Friend will have to await the autumn statement by my right hon. Friend the Chancellor of the exchequer which I understand will be made tomorrow.
Since 1979 we have increased capital spending on average by 4·3 per cent. per year. Labour when in office cut it by an average of 6·7 per cent. per year.
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.
