Treasury written question – answered at on 16 July 2014.
Cathy Jamieson
Shadow Minister (Treasury)
To ask the Chancellor of the exchequer what assessment he has made of the reasons for the differences in the level of change in house prices in Scotland compared to the rest of the UK in the second quarter of 2014.
Danny Alexander
The Chief Secretary to the Treasury
The Scottish housing market is recovering alongside the rest of the Scottish economy. Changes in regional house prices will partly depend on regional factors supporting supply and demand. House prices in Scotland rose 4.8% in the 12 months to April. In the same period, house prices across the UK rose by 9.9%, and excluding London house prices in the UK rose 7%. In real terms house prices remain well below their peak, and the Office for Budget Responsibility noted in March that they will still remain below this peak at the end of their forecast in 2018/19. With the creation of the Financial Policy Committee, we can ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed.
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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.
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