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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.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 years 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 TreasuryThe First Lord of the Treasury is the head of the commission exercising the ancient office of Lord High Treasurer in the United Kingdom, usually but not always the Prime Minister. The Lords of the Treasury Beginning in the 17th Century, the Treasury was f (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 BlairThe Right Honourable Anthony Charles Lynton "Tony" Blair (born 6 May 1953) has served as Prime Minister of the United Kingdom since 1997, when he brought the Labour Party into power after 18 consecutive years of Conservative government. After becoming the and Gordon BrownThis article is about the Chancellor of the Exchequer. For the rugby player of the same name, see Gordon Brown (rugby player The Right Honourable James Gordon Brown (born February 20, 1951) is a British Labour Party politician who has been Chancellor of t, 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 CouncilThis article concerns the British Sovereign's Privy Council. See also Privy Council (disambiguation). Her Majesty's Most Honourable Privy Council is a body of advisors to the British Sovereign. Formerly, the Council was a powerful institution, but is now, and thus is styledA Style is a form of address which by tradition or law precedes a reference to a person who holds a title or post, or to the office itself. A style can also be awarded to an individual in a personal capacity. Styles are particularly associated with monarc 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.
