The 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 UK 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.
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. From 1993 the Budget was preceded by an annual 'Autumn Statement' which forecasts government spending in the next year and takes place in November.
The origins of the Exchequer go back to the Norman period. The Norman system was based on two departments which dealt with finance:
- The Treasury - received and paid out money on behalf of the Monarch.
- The Exchequer - a 'lower office' connected with the Treasury which received money and an 'upper office', a court of law concerned with regulating the King's accounts.
Nowadays, the announcements made in the Budget affect many facets of our everyday life. The taxes which are affected by the Budget include: petroleum tax; excise duties; income tax; and road tax. This means that after the changes in the Budget have been announced, cigarettes, petrol, beer and spirits could become more or less expensive.
Announcements made in the Budget, and most other tax changes, are legislated in the annual finance bill. This is normally published in April and is considered by Parliament in the summer. Royal assent is given by the beginning of July.
Gordon Brown is the current Chancellor and is the longest continuous serving Chancellor of the Exchequer since the Reform Act of 1832, passing the figure of seven years and 43 days set by Davis Lloyd-George (1908-1915).
Contact details
The Chancellor of the Exchequer
c/o HM Treasury
1 Horse Guards Road
London SW1 2HQ
Tel: 020 7270 5000
Fax:020 7270 4558
public.enquiries@hm-treasury.gov.uk
www.hm-treasury.gov.uk