Part of Oral Answers to Questions — Treasury – in the House of Commons at 2:30 pm on 3 November 2009.
Stephen Timms
Parliamentary Under-Secretary (Department for Business, Innovation and Skills) (Digital Britain) (also HM Treasury), Financial Secretary (HM Treasury) (also in the Department for Business, Innovation and Skills)
2:30,
3 November 2009
We are certainly looking for changes in banking, as my right hon. Friend the Chancellor of the exchequer will be setting out in a few moments' time. However, I would not agree with my hon. Friend in characterising this scheme as a cover-up, because it has given a lifeline to thousands of businesses in constituencies such as his. One of the most impressive things about it is the very good record of repayment. More than 90 per cent. of the repayments due come in on time once an agreement has been made. It is a very good model for the future.
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.
