Chancellor of the Exchequer | |
|---|---|
 | |
| Chancellor of the Exchequer | John Smith |
| Shadow Chancellor of the Exchequer | Vacant |
| Department | HM Treasury |
| Reports to | The Prime Minister |
| Member of | Cabinet |
| Appointed by | The Sovereign, on the advice of the Prime Minister |
| Seat | 1 Horse Guards Road, London, SW1A 2HQ |
| Shadowed by | Shadow Chancellor of the Exchequer |
The Chancellor of the Exchequer is the government's chief finance minister and the head of HM Treasury. The Chancellor is responsible for taxation, public spending and the management of the economy. The office holder is a member of the Cabinet and is appointed by The Sovereign on the advice of the Prime Minister.
History
The Chancellor is one of the four Great Offices of State and usually the second most powerful member of the government after the Prime Minister, living next door to Number 10 at 11 Downing Street. Once a year the Chancellor presents the Budget to the House of Commons, traditionally carrying the speech in a red despatch box. In UKOGB the Budget sets the rates and thresholds of income tax, paid on every salary, and of investment tax, which HM Revenue and Customs collect.
Role
The Chancellor of the Exchequer leads the HM Treasury. They decide the department's policy within the government's programme, defend its budget, answer questions about it in the House of Commons, and bring forward the bills it needs through Parliament. Like every Cabinet minister, they are bound by collective responsibility: once the Cabinet has decided something, all its members must support it in public or resign.
On the UKOGB website the Chancellor of the Exchequer is the head of the department. They can edit its page, choose who works there and post its announcements, and they get the Cabinet and HM Government roles in the Discord server.
Opposition counterpart
The Shadow Cabinet includes a Shadow Chancellor of the Exchequer, chosen by the Leader of the Opposition. The shadow minister questions the Chancellor of the Exchequer in the Commons, responds to the department's announcements and sets out what the Opposition would do instead.
See also
This page was last edited on 3 November 2026.