Part of Oral Answers to Questions — Scotland – in the House of Commons at 11:30 am on 27 October 2010.
Michael Moore
The Secretary of State for Scotland
11:30,
27 October 2010
The Scottish Government's budget is calculated using the Barnett formula. The Chancellor has set out a decisive plan to reduce the UK's unprecedented deficit and restore confidence in the UK economy. For Scotland, the spending review provides a fair deal in tough times.
An economic mechanism used by the Treasury to adjust automatically the amounts of public expenditure allocated to Northern Ireland, Scotland and Wales, to reflect changes in spending levels allocated to public services in England, England and Wales or Great Britain as a whole.
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.
