Chancellor of the Exchequer
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Chancellor of the Exchequer | |
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Incumbent: Alistair Darling Took office: 28 June 2007 |
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Style: | The Right Honourable |
Appointed by: | Gordon Brown as Prime Minister |
First : | Hervey de Stanton (England only) |
Formation: | 22 June 1316 |
United Kingdom |
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The Chancellor of the Exchequer is the title held by the British Cabinet minister who is 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 Finance or Secretary 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 office is the only remaining one of the four Great Offices of State to have never been filled by a woman.
The Chancellor of the Exchequer is now always Second Lord of the Treasury as one of the Lords Commissioners for executing the office of Lord High Treasurer. In the eighteenth and early nineteenth centuries it was common for the Prime Minister to also serve as Chancellor of the Exchequer if he sat in the Commons; the last Chancellor who was simultaneously First Lord of the Treasury was W.E. Gladstone in 1882. Formerly, in cases when the Chancellorship was vacant, the Lord Chief Justice of the King's Bench would act as Chancellor pro tempore[1]. The last Lord Chief Justice to serve in this way was Lord Denman in 1834.
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. The Chancellor controlled monetary policy as well as fiscal policy until 1997, when the Bank of England was granted independent control of its interest rates. 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.
[edit] Roles and responsibilities
A previous Chancellor, Robert Lowe, described the office in the following terms in the House of Commons, on 11 April 1870: "The Chancellor of the Exchequer is a man whose duties make him more or less of a taxing machine. He is entrusted with a certain amount of misery which it is his duty to distribute as fairly as he can."
[edit] Fiscal Policy
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 Budget Day, 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, 2007 and 2008 Budgets were all delivered on a Wednesday.
[edit] Monetary Policy
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.
[edit] Ministerial arrangements
At HM 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 Street in London, 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.
[edit] Accoutrements of Office
[edit] Official Residence
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, and Blair — although officially residing in No. 10 — actually lived in the attic apartment of No. 11.
[edit] Budget Box
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.[citation needed]
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.
In March 2008, Alistair Darling reverted to using the original budget briefcase.
[edit] Chancellors of the Exchequer of England, 1316-1327
Name | Portrait | Entered office | Left office | Political party | |
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Hervey de Stanton | 1316 | 1327 |
[edit] Chancellors of the Exchequer of England, c. 1558-1708
Name | Portrait | Entered office | Left office | Political party | |
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Sir John Baker | c. 1558 | c. 1559 | |||
Sir Walter Mildmay | 1559 | 1559 | |||
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 | |||
Hon. Henry Boyle | 27 March 1701 | 22 April 1708 |
[edit] Chancellors of the Exchequer of Great Britain, 1708-1817
Name | Portrait | Entered office | Left office | Political party | |
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Sir John Smith | 22 April 1708 | 11 August 1710 | Whig | ||
Robert Harley | 11 August 1710 | 4 June 1711 | Tory | ||
Robert Benson | 4 June 1711 | 21 August 1713 | Tory | ||
Sir William Wyndham, Bt | 21 August 1713 | 13 October 1714 | Tory | ||
Sir Richard Onslow, Bt | 13 October 1714 | 12 October 1715 | Whig | ||
Robert Walpole | 12 October 1715 | 15 April 1717 | Whig | ||
The Viscount Stanhope | 15 April 1717 | 20 March 1718 | Whig | ||
John Aislabie | 20 March 1718 | 23 January 1721 | Whig | ||
Sir John Pratt (interim) |
2 February | 3 April 1721 | Whig | ||
Sir Robert Walpole | 3 April 1721 | 12 February 1742 | Whig | ||
Samuel Sandys | 12 February 1742 | 12 December 1743 | Whig | ||
Hon. Henry Pelham[2] | 12 December 1743 | 8 March 1754 | Whig | ||
Sir William Lee (interim) |
8 March | 6 April 1754 | Whig | ||
Hon. Henry Bilson Legge | 6 April 1754 | 25 November 1755 | Whig | ||
Sir George Lyttelton, Bt | 25 November 1755 | 16 November 1756 | Whig | ||
Hon. Henry Bilson Legge | 16 November 1756 | 13 April 1757 | Whig | ||
The Lord Mansfield (interim) |
13 April | 2 July 1757 | Whig | ||
Hon. Henry Bilson Legge | 2 July 1757 | 19 March 1761 | Whig | ||
The Viscount Barrington | 19 March 1761 | 29 May 1762 | Whig | ||
Sir Francis Dashwood, Bt | 29 May 1762 | 16 April 1763 | Tory | ||
Hon. George Grenville[2] | 16 April 1763 | 16 July 1765 | Whig | ||
William Dowdeswell | 16 July 1765 | 2 August 1766 | Whig | ||
Hon. Charles Townshend[3] | 2 August 1766 | 4 September 1767 | Whig | ||
Lord North[2] | 11 September 1767 | 27 March 1782 | Tory | ||
Lord John Cavendish | 27 March 1782 | 10 July 1782 | Whig | ||
Hon. William Pitt the Younger | 10 July 1782 | 31 March 1783 | Whig | ||
Lord John Cavendish | 2 April 1783 | 19 December 1783 | Whig | ||
Hon. William Pitt the Younger[2] | 19 December 1783 | 14 March 1801 | Tory | ||
Henry Addington[2] | 14 March 1801 | 10 May 1804 | Tory | ||
Hon. William Pitt the Younger [2][3] | 10 May 1804 | 23 January 1806 | Tory | ||
Lord Henry Petty | 5 February 1806 | 26 March 1807 | Whig | ||
Hon. Spencer Perceval[3] | 26 March 1807 | 12 May 1812 | Tory | ||
Nicholas Vansittart | 12 May 1812 | 12 July 1817 | Tory |
[edit] Chancellors of the Exchequer of the United Kingdom, 1817-1902
Although the Kingdoms of Great Britain and Ireland had been united by the Act of Union 1800 (39 & 40 Geo. III c. 67), the Exchequers of the two Kingdoms were not consolidated until 1817 under 56 Geo. III c. 98[4]. For the holders of the Irish office before this date, see Irish Chancellor of the Exchequer.
Name | Portrait | Entered office | Left office | Political party | |
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Nicholas Vansittart | 12 July 1817 | 31 January 1823 | Tory | ||
Hon. Frederick John Robinson | 31 January 1823 | 20 April 1827 | Tory | ||
George Canning[3] | 20 April 1827 | 8 August 1827 | Tory | ||
The Lord Tenterden (interim) |
8 August 1827 | 3 September 1827 | Tory | ||
John Charles Herries | 3 September 1827 | 26 January 1828 | Tory | ||
Henry Goulburn | 26 January 1828 | 22 November 1830 | Tory | ||
Viscount Althorp | 22 November 1830 | 14 November 1834 | Whig | ||
The Lord Denman (interim) |
14 November 1834 | 15 December 1834 | Whig | ||
Sir Robert Peel, Bt | 15 December 1834 | 8 April 1835 | Conservative | ||
Thomas Spring Rice | 18 April 1835 | 26 August 1839 | Whig | ||
Francis Baring | 26 August 1839 | 30 August 1841 | Whig | ||
Henry Goulburn | 3 September 1841 | 27 June 1846 | Conservative | ||
Sir Charles Wood, Bt | 6 July 1846 | 21 February 1852 | Whig | ||
Benjamin Disraeli | 27 February 1852 | 17 December 1852 | Conservative | ||
William Gladstone | 28 December 1852 | 28 February 1855 | Peelite | ||
Sir George Cornewall Lewis, Bt | 28 February 1855 | 21 February 1858 | Whig | ||
Benjamin Disraeli | 26 February 1858 | 11 June 1859 | Conservative | ||
William Gladstone | 18 June 1859 | 26 June 1866 | Liberal | ||
Benjamin Disraeli | 6 July 1866 | 29 February 1868 | Conservative | ||
George Ward Hunt | 29 February 1868 | 1 December 1868 | Conservative | ||
Robert Lowe | 9 December 1868 | 11 August 1873 | Liberal | ||
William Gladstone[2] | 11 August 1873 | 17 February 1874 | Liberal | ||
Sir Stafford Northcote, Bt | 21 February 1874 | 21 April 1880 | Conservative | ||
William Gladstone[2] | 28 April 1880 | 16 December 1882 | Liberal | ||
Hugh Childers | 16 December 1882 | 9 June 1885 | Liberal | ||
Sir Michael Hicks Beach, Bt | 24 June 1885 | 28 January 1886 | Conservative | ||
Sir William Vernon Harcourt |
6 February 1886 | 20 July 1886 | Liberal | ||
Lord Randolph Churchill | 3 August 1886 | 22 December 1886 | Conservative | ||
George Goschen | 14 January 1887 | 11 August 1892 | Liberal Unionist | ||
Sir William Vernon Harcourt | 18 August 1892 | 21 June 1895 | Liberal | ||
Sir Michael Hicks Beach, Bt | 29 June 1895 | 11 August 1902 | Conservative |
[edit] Chancellors of the Exchequer of the United Kingdom, 1902-present
Name | Portrait | Entered office | Left office | Political party | |
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Charles Ritchie | 11 August 1902 | 9 October 1903 | Conservative | ||
Austen Chamberlain | 9 October 1903 | 4 December 1905 | Liberal Unionist | ||
H. H. Asquith | 10 December 1905 | 12 April 1908 | Liberal | ||
David Lloyd George | 12 April 1908 | 25 May 1915 | Liberal | ||
Reginald McKenna | 25 May 1915 | 10 December 1916 | Liberal | ||
Andrew Bonar Law | 10 December 1916 | 10 January 1919 | Conservative | ||
Austen Chamberlain | 10 January 1919 | 1 April 1921 | Conservative | ||
Sir Robert Horne | 1 April 1921 | 19 October 1922 | Conservative | ||
Stanley Baldwin | 27 October 1922 | 27 August 1923 | Conservative | ||
Neville Chamberlain | 27 August 1923 | 22 January 1924 | Conservative | ||
Philip Snowden | 22 January 1924 | 3 November 1924 | Labour | ||
Winston Churchill | 6 November 1924 | 4 June 1929 | Conservative | ||
Philip Snowden | 7 June 1929 | 5 November 1931 | Labour (1929 - 1931) National Labour (1931) |
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Neville Chamberlain | 5 November 1931 | 28 May 1937 | Conservative | ||
Sir John Simon | 28 May 1937 | 12 May 1940 | Liberal National | ||
Sir Kingsley Wood [3] | 12 May 1940 | 21 September 1943 | Conservative | ||
Sir John Anderson | 24 September 1943 | 26 July 1945 | National Independent | ||
Hugh Dalton | 27 July 1945 | 13 November 1947 | Labour | ||
Sir Stafford Cripps | 13 November 1947 | 19 October 1950 | Labour | ||
Hugh Gaitskell | 19 October 1950 | 26 October 1951 | Labour | ||
R. A. Butler | 26 October 1951 | 20 December 1955 | Conservative | ||
Harold Macmillan | 20 December 1955 | 13 January 1957 | Conservative | ||
Peter Thorneycroft | 13 January 1957 | 6 January 1958 | Conservative | ||
Derick Heathcoat Amory | 6 January 1958 | 27 July 1960 | Conservative | ||
Selwyn Lloyd | 27 July 1960 | 13 July 1962 | Conservative | ||
Reginald Maudling | 13 July 1962 | 16 October 1964 | Conservative | ||
James Callaghan | 16 October 1964 | 30 November 1967 | Labour | ||
Roy Jenkins | 30 November 1967 | 19 June 1970 | Labour | ||
Iain Macleod[3] | 20 June 1970 | 20 July 1970 | Conservative | ||
Anthony Barber | 25 July 1970 | 28 February 1974 | Conservative | ||
Denis Healey | 1 March 1974 | 4 May 1979 | Labour | ||
Sir Geoffrey Howe | 4 May 1979 | 11 June 1983 | Conservative | ||
Nigel Lawson | 11 June 1983 | 26 October 1989 | Conservative | ||
John Major | 26 October 1989 | 28 November 1990 | Conservative | ||
Norman Lamont | 28 November 1990 | 27 May 1993 | Conservative | ||
Kenneth Clarke | 27 May 1993 | 2 May 1997 | Conservative | ||
Gordon Brown | 2 May 1997 | 27 June 2007 | Labour | ||
Alistair Darling | 28 June 2007 | present | Labour |
[edit] See also
[edit] Notes and references
- ^ Joseph Haydn, Horace Ockerby (ed.): The Book of Dignities, 3rd edition, Part III (Political and Official), p. 164. W.H. Allen & Co., London 1894, reprinted by Firecrest Publishing Ltd, Bath, 1969
- ^ Cite error: Invalid <ref> tag; no text was provided for refs named alsopm
- ^ a b c d e f Died in office.
- ^ Joseph Haydn, Horace Ockerby (ed.): The Book of Dignities, 3rd edition, Part X (Ireland), p. 562. W.H. Allen & Co., London 1894, reprinted by Firecrest Publishing Ltd, Bath, 1969
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