Oral Answers to Questions — Prime Minister – in the House of Commons at 12:00 am on 2 February 1993.
Mr John Gunnell
, Leeds South and Morley
12:00,
2 February 1993
To ask the Prime Minister if he will list his official engagements for Tuesday 2 February.
Mr John Major
, Huntingdon
I refer the hon. Member to the answer I gave some moments ago.
Mr John Gunnell
, Leeds South and Morley
The Prime Minister will have noted that each time that his Chancellor lowers interest rates, the banks and building societies pass on a lower percentage to their customers and, therefore, increase their margins. What does the Prime Minister plan to do about that? Is it that his relationship with the banks is not cosy enough, or is it too cosy?
Mr John Major
, Huntingdon
As far as the building societies and many of the banks are concerned, the hon. Gentleman is not accurate about the reduction in interest rates during the past few months. There has been concern about whether sufficient of the interest rate reductions have been passed on and my right hon. Friend the Chancellor has been in touch with the Governor of the Bank of England and with the chairmen of the main banks in the United Kingdom. I think that the hon. Gentleman is aware of that dialogue.
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.
Ministers make up the Government and almost all are members of the House of Lords or the House of Commons. There are three main types of Minister. Departmental Ministers are in charge of Government Departments. The Government is divided into different Departments which have responsibilities for different areas. For example the Treasury is in charge of Government spending. Departmental Ministers in the Cabinet are generally called 'Secretary of State' but some have special titles such as Chancellor of the Exchequer. Ministers of State and Junior Ministers assist the ministers in charge of the department. They normally have responsibility for a particular area within the department and are sometimes given a title that reflects this - for example Minister of Transport.
