Part of the debate – in the House of Lords at 2:58 pm on 15 July 2025.
Lord Livermore
The Financial Secretary to the Treasury
2:58,
15 July 2025
My Lords, the OBR will produce a new forecast in the autumn for the annual Budget, and the Chancellor will take decisions based on that forecast. We will set out our fiscal plans at the Budget in the usual way.
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.
