Part of Oral Answers to Questions — Business, Innovation and Skills – in the House of Commons at 9:30 am on 26 March 2015.
Kelvin Hopkins
Labour, Luton North
9:30,
26 March 2015
The UK has a trade deficit of about £1 billion a week with the rest of the EU, equivalent to 1 million jobs lost, and the significant depreciation of the euro rate against sterling, while bringing a short-term benefit to the trade balance because of the J-curve effect, will cause serious longer-term damage to the economy. What discussions has the Secretary of State had with the Chancellor and the Governor of the Bank of England about this worrying matter?
Secretary of State was originally the title given to the two officials who conducted the Royal Correspondence under Elizabeth I. Now it is the title held by some of the more important Government Ministers, for example the Secretary of State for Foreign Affairs.
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.
