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Chancellor of the Exchequer

The Right Honourable , PC, MP, current Chancellor of the Exchequer
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The Right Honourable Gordon Brown, PC, MP, current Chancellor of the Exchequer
The Chancellor of the Exchequer is the ancient title held by the British cabinet minister whose responsibilities are akin to the posts of Minister for Finance or Secretary of the Treasury in other jurisdictions. The third oldest major state office in English and United Kingdom1 history, the Chancellor of the Exchequer, (often simply called The Chancellor) is the cabinet minister responsible for all financial matters. Historically the Exchequer included monetary policy as well as fiscal policy, but this ended when the Bank of England was granted independence from government in 1997. The office should not be confused with that of the Lord High Chancellor or the Chancellor of the Duchy of Lancaster.

One of the Chancellor's key roles involves the framing of the annual "Budget", which is revealed in a speech to the House of Commons. Traditionally the budget speech was delivered on a Tuesday (although not always) in March, as Britain's tax year follows the Julian Calendar. From 1993 the Budget was preceded by an annual 'Autumn Statement' which forecasts government spending in the next year and takes place in November. This preview of the next year's Budget is also referred to as the "mini-Budget". The 1997, 2001, 2002 and 2003 Budgets were delivered on a Wednesday.

The holder of the office of Chancellor is ex-officio Second Lord of the Treasury. As Second Lord, his official residence is Number 11 Downing Street in London, next door to the residence of the First Lord of the Treasury (a post usually though not always held by the Prime Minister), who resides in 10 Downing Street. While in the past both houses were private residences, today they serve as interlinked offices, with the occupant living in a small apartment made from attic rooms previously resided in by servants. In 1997, the current First and Second Lords, Tony Blair and Gordon Brown respectively, swapped apartments, as the Chancellor's apartment in No. 11 was bigger and thus better suited to the needs of Blair (who had children) than Brown who was at that stage unmarried. So though No. 11 is still officially Brown's residence, he actually resides in the apartment in the attic of No. 10, and Blair — though officially residing in No. 10 — actually lives in the attic apartment of No. 11.

The Chancellor is also obliged to be a member of the Privy Council, and thus is styled the Right Honourable (Rt. Hon.)

The Chancellor's department is officially called the HM Treasury where she/he is supported by a political team of four junior ministers and by permanent Civil Servants. The most important junior minister is the Chief Secretary to the Treasury to whom the negotiations with other government departments on the details of government spending are delegated.


List of Holders of the Office since 1559

Several Chancellors were also Prime Minister for some or all of their Chancellorship. These are indicated by a *

  • Sir Walter Mildmay 1559-1589
  • John Fortescue 1589-1603
  • George Home, 1st Earl of Dunbar (1605) 1603-1606
  • Sir Julius Caesar 1606-1614
  • Sir Fulke Greville 1614-1621
  • Sir Richard Weston 1621-1628
  • Edward Barrett, 1st Lord Barrett of Newburgh 1628-1629
  • Francis Cottington, 1st Baron Cottington 1629-1642
  • Sir John Culpepper 1642-1643

See also

Science Fair Project Encyclopedia Contents Page
03-10-2013 05:06:04
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