Treasury written question – answered at on 16 July 2014.
Cathy Jamieson
Shadow Minister (Treasury)
To ask the Chancellor of the exchequer what assessment has been made of the effect on the Scottish economy of house prices in Scotland.
Danny Alexander
The Chief Secretary to the Treasury
Scotland's economy has performed well within the UK and the Scottish housing market is recovering alongside the rest of the UK's housing market. As in previous recoveries house prices have risen but still remain below their pre-crisis peak in real terms in Scotland. As a result of increased confidence in the housing market, property transactions in Scotland were 21% higher in 2013 than the lows seen in 2011. With the creation of the Financial Policy Committee, we now have the tools to guard against risks in the housing market.
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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.
