Chancellor of the Exchequer

The role of the Chancellor of the Exchequer (the Treasury) is to raise revenue by taxation, duties and borrowing, control how that is spent and set the government’s  monetary policies. Such a big responsibility requires a big personality, able to withstand criticism and the stress of continual requests for funding from the other government departments and a multitude of lobbyists. Many Chancellors are sacked or resign under the pressure.

The Chancellor’s official residence is at 11 Downing Street, next door to the Prime Minister, with connecting doors to number 10 on each floor. It is highly desirable that there is a good relationship between these two neighbours, as their decisions must be supported by each other. The correct financial and economic policies are major factors in how successful a government is judged to be.

Once a year the Chancellor presents The Budget to Parliament, which can take hours and is the only time alcoholic drinks are permitted for someone making a speech! It includes an assessment of current fiscal health and plans for the next twelve months, some of which can take effect immediately. It is a Chancellor’s spot in the limelight and inevitably determines his level of popularity with the public.

(Image: Foreign & Commonwealth Office at Flickr.com / CC BY 2.0)