Part of Oral Answers to Questions — Duchy of Lancaster – in the House of Commons am 12:00 am ar 3 Mehefin 1991.
Mr Chris Patten
, Bath
12:00,
3 Mehefin 1991
I shall certainly draw my hon. Friend's views to the attention of my right hon. Friend the Chancellor of the exchequer, who was able to offer a few views on that important subject on a well-known television programme yesterday morning. I am sure that ray right hon. Friend, were he at the Dispatch Box, would say that in the implausible event of a Labour Government, interest rates would be a great deal higher due to the risk premium of socialist policies.
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.
If you've ever seen inside the Commons, you'll notice a large table in the middle - upon this table is a box, known as the dispatch box. When members of the Cabinet or Shadow Cabinet address the house, they speak from the dispatch box. There is a dispatch box for the government and for the opposition. Ministers and Shadow Ministers speak to the house from these boxes.
