Part of the debate – in the House of Commons at 12:59 pm on 24 October 2019.
Sajid Javid
The Chancellor of the Exchequer
12:59,
24 October 2019
My hon. Friend is right. A Labour Chancellor deregulated banking and created a light-touch system, and we all paid the price.
I want to compare my approach to infrastructure with Labour’s. I am going to invest in new infrastructure that will grow the economy. Labour would borrow hundreds of billions to renationalise productive assets and then run them into the ground. I want to unleash all the talent and expertise of the private sector. Labour says—I quote the Shadow Chancellor here—that business is the “enemy” and would tax it into submission. I will do all my work within a careful and credible fiscal framework; Labour would simply waste the money just like last time.
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.
The shadow cabinet is the name given to the group of senior members from the chief opposition party who would form the cabinet if they were to come to power after a General Election. Each member of the shadow cabinet is allocated responsibility for `shadowing' the work of one of the members of the real cabinet.
The Party Leader assigns specific portfolios according to the ability, seniority and popularity of the shadow cabinet's members.
