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[[Image:philipsnowden.jpg|190px|thumb|[[Philip Snowden, 1st Viscount Snowden|Philip Snowden]], first Labour Chancellor.]] |
[[Image:philipsnowden.jpg|190px|thumb|[[Philip Snowden, 1st Viscount Snowden|Philip Snowden]], first Labour Chancellor.]] |
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[[Image:howebudget.jpg|190px|thumb|[[Geoffrey Howe]], Margaret Thatcher's first Chancellor from 1979-1983.]] |
[[Image:howebudget.jpg|190px|thumb|[[Geoffrey Howe]], Margaret Thatcher's first Chancellor from 1979-1983.]] |
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[[Image:Gordon Brown Photo.jpg|190px|thumb|[[Gordon Brown]], Chancellor of the Exchequer 1997-2007, current [[Prime Minister of the United Kingdom|Prime |
[[Image:Gordon Brown Photo.jpg|190px|thumb|[[Gordon Brown]], Chancellor of the Exchequer 1997-2007, current [[Prime Minister of the United Kingdom|Prime Minister]]]] |
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The Chancellor of the Exchequer is the title held by the British Cabinet minister responsible for all economic and financial matters. Often simply called The Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of FinanceorSecretary of the Treasury in other nations. The position is considered one of the four Great Offices of State and in recent times has come to be the most powerful office in British politics after the Prime Minister.
The Chancellor is the third oldest major state office in English and British history, one which originally carried responsibility for the Exchequer, the medieval English institution for the collection of royal revenues. Until recently, the Chancellor controlled monetary policy as well as fiscal policy, but this ended when the Bank of England was granted independent control of its interest rates in 1997. The Chancellor also has oversight of public spending across Government departments.
The office should not be confused with those of the Lord Chancellor or the Chancellor of the Duchy of Lancaster, both Cabinet posts, the Chancellor of the High Court, a senior judge, or the Lord Chief Baron of the Exchequer, a defunct judicial office.
The current Chancellor of the Exchequer is Alistair Darling.
The Chancellor has considerable control over other departments as it is the Treasury which sets departmental expenditure limits. The amount of power this gives to an individual Chancellor depends on his personal forcefulness, his status with his party and his relationship with the Prime Minister. Gordon Brown, who became Chancellor when Labour came into Government in 1997, had a large personal power base in the party. Perhaps as a result, Tony Blair chose to keep him in his job throughout his ten years as Prime Minister, making Brown an unusually dominant figure. This situation has strengthened a pre-existing trend towards the Chancellorship moving into a clear second among government offices, elevated above its traditional peers, the Foreign Secretaryship and Home Secretaryship.
One part of the Chancellor's key roles involves the framing of the annual "Budget", which is summarised 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', now called the Pre-Budget Report, which forecasts government spending in the next year and usually takes place in November or December. This preview of the next year's Budget is also referred to as the "mini-Budget". The 1997, 2001, 2002, 2003, 2006 and 2007 Budgets were all delivered on a Wednesday.
Although the Bank of England is responsible for setting interest rates, the Chancellor also plays an important part in the monetary policy structure. He sets the inflation target which the Bank must set interest rates to meet. Under the Bank of England Act 1998 the Chancellor has the power of appointment of four out of nine members of the Bank's Monetary Policy Committee - the so-called 'external' members. He also has a high level of influence over the appointment of the Bank's Governor and Deputy Governors, and has the right of consultation over the appointment of the two remaining MPC members from within the Bank. [1] The Act also provides that the Government has the power to give instructions to the Bank on interest rates for a limited period in extreme circumstances. This power has never been used.
AtHM Treasury the Chancellor 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, a member of the Cabinet, to whom the negotiations with other government departments on the details of government spending are delegated, followed by the Paymaster General, the Financial Secretary to the Treasury and the Economic Secretary to the Treasury. Two other officials are given the title of a Secretary to the Treasury, although neither is a government minister in the Treasury: the Parliamentary Secretary to the Treasury is the Government Chief Whip in the House of Commons; the Permanent Secretary to the Treasury is not a minister but the senior civil servant in the Treasury.
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 StreetinLondon, 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.
The Chancellor is obliged to be a member of the Privy Council, and thus is styled the Right Honourable (Rt. Hon.). Because the House of Lords is excluded from Finance bills, the office is effectively limited to members of the House of Commons.
The Chancellor's official residence is No. 11 Downing Street. In 1997, the then 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 although No. 11 was still officially Brown's residence, he actually resided in the apartment in the attic of No. 10 (he has since moved on to another home), and Blair — although officially residing in No. 10 — actually lived in the attic apartment of No. 11.
The Chancellor traditionally carries his Budget speech to the House of Commons in a particular red briefcase. The Chancellor's red briefcase is identical to the briefcases used by all other government ministers (known as ministerial boxes or "red boxes") to transport their official papers but is better known because the Chancellor traditionally displays the briefcase, containing the Budget speech, to the press in the morning before delivering the speech.
The original Budget briefcase was first used by William Gladstone in 1860 and continued in use until 1965 when James Callaghan was the first Chancellor to break with tradition when he used a newer box. Prior to Gladstone, a generic red briefcase of varying design and specification was used. The practice is said to have begun in the late 16th century, when Queen Elizabeth I's representative Francis Throckmorton presented the Spanish Ambassador, Bernardino de Mendoza, with a specially constructed red briefcase filled with black puddings.
In July 1997, Gordon Brown became the second Chancellor to use a new box for the Budget. Made by industrial trainees at Babcock Rosyth Defence Ltd ship and submarine dockyard in Fife, the new box is made of yellow pine, with a brass handle and lock, covered in scarlet leather and embossed with the Royal initials and crest and the Chancellor's title.
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This article contains a list of miscellaneous information. Please relocate any relevant information into other sections or articles. (June 2007)
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| Name | Period |
|---|---|
| Hervey de Stanton | 1316 – 1327 |
| Sir John Baker | unknown |
| Sir Walter Mildmay | 1559 – 1589 |
| Sir John Fortescue | 1589 – 1603 |
| The Earl of Dunbar | 1603 – 1606 |
| Sir Julius Caesar | 1606 – 1614 |
| Sir Fulke Greville | 1614 – 1621 |
| Sir Richard Weston | 1621 – 1628 |
| The Lord Barrett of Newburgh | 1628 – 1629 |
| The Lord Cottington | 1629 – 1642 |
| Sir John Colepeper | 1642 – 1643 |
| Sir Edward Hyde | 19 July 1642 – 1646 |
| The Earl of Shaftesbury | 13 May 1661 – 22 November 1672 |
| Sir John Duncombe | 22 November 1672 – 2 May 1676 |
| Sir John Ernle | 2 May 1676 – 9 April 1689 |
| The Lord Delamere | 9 April 1689 – 18 March 1690 |
| Richard Hampden | 18 March 1690 – 10 May 1694 |
| Charles Montagu | 10 May 1694 – 2 June 1699 |
| John Smith | 2 June 1699 – 27 March 1701 |
| Henry Boyle | 27 March 1701 – 22 April 1708 |
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