It is a pleasure to open today’s King’s Speech debate on behalf of His Majesty’s Government. I always enjoy debating with Jeremy Hunt, though I must say I rather prefer doing so from this side of the Chamber. [Hon. Members: “Hear, hear.”]

I appreciate the shadow Chancellor’s generous words on my appointment and also his tribute to officials, who I can confirm are indeed first rate. It has been more than 14 years since a Labour Government were in office for a state opening of Parliament—14 years of chaos, 14 years of economic irresponsibility, 14 years of wasted opportunities and 14 years since there has been a Labour Chancellor of the Exchequer standing at this Dispatch Box. Today, I pay tribute to my most recent Labour predecessor, the late Lord Darling. He was an outstanding Chancellor, a kind man and a good friend.

Mr Speaker, it is also the very first time that there has been a female Chancellor of the Exchequer. On my arrival at the Treasury, I learned that there is some debate about when the first Chancellor was appointed. It could have been 800 years ago, when one Ralph de Leicester was given the title of “Chancellor of the Exchequer” for the first time, or, 900 years ago, when “Henry the Treasurer” was referenced in the Domesday Book. It could even have been 1,000 years ago, when Alfred the Great was in effect the first Master of the Mint. Whichever it is, I am sure the whole House would agree on one thing—that we have waited far too long for a woman to be the Chancellor of the Exchequer. [HON. MEMBERS: “Hear, hear.”]

I stand here today proud, but also deeply conscious of the responsibility that I now have: a responsibility to women across the country whose work is too often undervalued; and a responsibility to every young woman and girl, who should know that there is no ceiling on their ambitions and no limit on their potential.