Chancellor of the Exchequer facts for kids

Quick facts for kids United Kingdom Chancellor of the Exchequer Second Lord of the Treasury
Royal Arms of His Majesty's Government
Incumbent Rachel Reeves since 5 July 2024
His Majesty's Treasury
Style	The Chancellor (informal) The Right Honourable (within the UK and Commonwealth)
Member of	Cabinet Privy Council National Security Council
Reports to	First Lord of the Treasury (Prime Minister of the United Kingdom)
Residence	11 Downing Street
Seat	Westminster
Nominator	The Prime Minister
Appointer	The Monarch (on the advice of the Prime Minister)
Term length	At His Majesty's pleasure
Formation	22 June 1316
First holder	Hervey de Stanton (in the Kingdom of England only)
Deputy	Chief Secretary to the Treasury
Salary	£159,038 per annum (2022) (including £86,584 MP salary)

The Chancellor of the Exchequer is a very important government minister in the United Kingdom. This person leads His Majesty's Treasury, which is the government department in charge of the UK's money. The Chancellor is one of the four most powerful jobs in the British Cabinet.

This role is similar to a finance minister in other countries. The Chancellor handles all money and economic matters for the country. They are also known as the Second Lord of the Treasury. This means they help manage the government's finances. Historically, the Chancellor's job was to collect and check the King's money. The first records of this job go back to 1129.

The Chancellor is the third oldest major government job in British history. Today, it is one of the most powerful jobs in British politics, second only to the Prime Minister. The current Chancellor is Rachel Reeves. She became the first woman to hold this position in July 2024.

What Does the Chancellor Do?

The Chancellor has a big job managing the UK's money. They decide how the government collects money and how it spends it.

Managing Government Money

The Chancellor has a lot of control over other government departments. This is because the Treasury sets limits on how much money each department can spend. The Chancellor's power depends on their personality and their relationship with the Prime Minister. For example, Gordon Brown was Chancellor for ten years. He was a very strong figure in the government. This made the Chancellor's job even more important.

One of the main tasks is creating the yearly government budget. This is called the Autumn Budget. It predicts how much the government will spend in the next year. It also announces new financial plans. The budget is a big secret until the Chancellor announces it in Parliament. If details are leaked early, it can cause big problems.

Controlling Money Supply

The Bank of England sets interest rates in the UK. However, the Chancellor still plays a key role in how money is managed. The Chancellor sets the inflation target. This is the goal for how much prices should rise each year. The Bank of England then sets interest rates to try and meet this target. The Chancellor also helps choose some members of the Bank's Monetary Policy Committee.

Working with Other Ministers

The Chancellor works with other ministers in the Treasury. The most important is the Chief Secretary to the Treasury. This person helps decide how government money is spent across different departments. There are also other ministers like the Paymaster General and the Financial Secretary to the Treasury. The Chancellor must be a member of the Privy Council. This means they are called "The Right Honourable."

Special Things About the Job

The Chancellor of the Exchequer has some unique traditions and perks.

Official Homes

The Chancellor lives at 11 Downing Street in London. This house is right next door to 10 Downing Street, where the Prime Minister lives. Both houses are now used as offices. The people who live there have apartments in the attic. In 1997, Prime Minister Tony Blair and Chancellor Gordon Brown swapped apartments. This was because the Chancellor's apartment was bigger and suited Blair's family better.

The Chancellor also traditionally gets to use Dorneywood. This is a country house with a large park. It is a summer residence. However, the Prime Minister decides who gets to use it.

The Budget Box

The famous Budget Box, used to carry the speech.

The Chancellor carries their budget speech to Parliament in a special red box. This box is called the 'Budget Box'. It looks like other boxes used by government ministers. But it's famous because the Chancellor shows it to the press before going to Parliament.

The first Budget Box was used by William Ewart Gladstone in 1853. It was used until 1965. Then, James Callaghan used a new one. In 1997, Gordon Brown also used a new box. This new box was made in Scotland. It was covered in red leather with the Royal crest. Later, Alistair Darling and George Osborne went back to using the original box. But it was very old and fragile. The key to the original box is now lost!

Robe of Office

The Chancellor also has a special robe. It is similar to the one worn by the Lord Chancellor. In modern times, it is mostly worn at coronations. Some Chancellors used to wear it for other special events. The robe that belonged to William Ewart Gladstone and was worn by famous Chancellors like David Lloyd George and Winston Churchill is now missing.

Who Has Been Chancellor?

Here is a list of some of the people who have held this important job.

Chancellors of England (around 1221 – 1708)

Chancellor of the Exchequer		Term of office		Monarch (Reign)
	Eustace of Fauconberg Bishop of London	c. 1221	N/A	Henry III (1216–1272)
	John Maunsell Secretary of State	c. 1234	N/A
	Ralph de Leicester	before 1248
	Edward of Westminster	1248	N/A
	Albric de Fiscamp	before 1263
	John Chishull Lord Chancellor	1263	1265
	Walter Giffard Bishop of Bath and Wells	1265	1266
	Godfrey Giffard Lord Chancellor	1266	1268
	John Chishull Lord Chancellor	1268	1269
	Richard of Middleton Archdeacon of Northumberland	1269	1272
	Roger de la Leye	before 1283
	Geoffrey de Neuband			Edward I (1272–1307)
	Philip de Willoughby	1283	1305
	John Benstead Secretary of State	1305	1306
	John Sandale Bishop of Winchester	c. July 1307	1308	Edward II (1307–1327)
	John of Markenfield	1309	1312
	John Hotham Bishop of Ely	1312	1316
	Hervey de Stanton	1316	c. 1323
	Walter Stapledon Lord High Treasurer	1323	c. 1324
	Hervey de Stanton Chief Justice of the Common Pleas	1324	c. January 1327
	Adam de Harvington	c. January 1327	1330	Edward III (1327–1377)
	Robert Wodehouse	1330	1331
	Robert de Stratford Bishop of Chichester	1331	1334
	John Hildesle	c. 1338	N/A
	William de Everdon	1341	N/A
	William Askeby Archdeacon of Northampton	1363	N/A
	Robert de Ashton	1375	c. June 1377
	Sir Walter Barnham	c. June 1377	c. September 1399	Richard II (1377–1399)
	Henry Somer MP for Middlesex	1410	1437	Henry IV (1399–1413)
				Henry V (1413–1422)
​				Henry VI (1422–1461)
	John Somerset	1441	1447
	Thomas Browne MP for Dover	1440?	1450?
	Thomas Witham	1454	N/A
	Thomas Thwaites	c. March 1461	N/A	Edward IV (1461–1470)
	Thomas Witham	1465	1469
​	Richard Fowler	1469	c. April 1471
				Henry VI (1470–1471)
	Thomas Thwaites Chancellor of the Duchy of Lancaster	c. April 1471	c. April 1483	Edward IV (1471–1483)
	William Catesby Speaker of the House of Commons	c. April 1483	c. 1484	Edward V (1483)
				Richard III (1483–1485)
	Thomas Lovell Speaker of the House of Commons	c. August 1485	1524	Henry VII (1485–1509)
​				Henry VIII (1509–1547)
	John Bourchier 2nd Baron Berners	1524	1533?
	Thomas Cromwell 1st Earl of Essex Secretary of State	12 April 1533	10 June 1540
​	John Baker MP for Kent	1545	c. November 1558
				Edward VI (1547–1553)
				Mary I< (1553–1558)

Died in office.

Chancellor of the Exchequer		Term of office		Monarch (Reign)
	Richard Sackville MP for Sussex	February 1559	21 April 1566	Elizabeth I (1558–1603)
	Walter Mildmay MP for Northamptonshire	1566	31 May 1589
	John Fortescue MP for Buckinghamshire →Middlesex	1589	1603
	George Home 1st Earl of Dunbar	24 May 1603	April 1606	James I (1603–1625)
	Julius Caesar MP for Middlesex	11 April 1606	1614
	Fulke Greville MP for Warwickshire	15 October 1614	1621
	Richard Weston MP for 7 constituencies successively	29 January 1621	15 July 1628
				Charles I (1625–1649)
	Edward Barrett 1st Lord Barrett of Newburgh	14 August 1628	1629
	Francis Cottington 1st Baron Cottington	18 April 1629	6 January 1642
	John Colepeper MP for Kent	6 January 1642	22 February 1643
	Edward Hyde	February 1643	1646
Vacancy during the Interregnum (1649–1660)
Chancellor of the Exchequer		Term of office		Ministry	Monarch (Reign)
	Edward Hyde 1st Baron Hyde	1660	13 May 1661	Clarendon	Charles II (1660–1685)
	Anthony Ashley Cooper 1st Baron Ashley	13 May 1661	22 November 1672
				Cabal
	John Duncombe MP for Bury St Edmunds	22 November 1672	2 May 1676
				Danby I
​	John Ernle MP for 4 constituencies successively	2 May 1676	9 April 1689
				Privy Council
​				Chits
					James II (1685–1688)
​					William III & Mary II (1689–1694)
	Henry Booth 2nd Baron Delamer	9 April 1689	18 March 1690	Carmarthen–Halifax
	Richard Hampden MP for Buckinghamshire	18 March 1690	10 May 1694	Carmarthen
	Charles Montagu MP for Maldon → Westminster	10 May 1694	31 May 1699	Whig Junto I
					William III (1694–1702)
	John Smith MP for Andover	31 May 1699	23 March 1701	Pembroke
​	Henry Boyle MP for Cambridge University → Westminster	27 March 1701	22 April 1708
				Godolphin–Marlborough (Tory–Whig)	Anne (1702–1714)

Chancellors of Great Britain (1708–1817)

Chancellor of the Exchequer			Term of office		Party	Ministry	Monarch (Reign)
		John Smith MP for Andover	22 April 1708	11 August 1710	Whig	Godolphin–Marlborough (Tory–Whig)	Anne (1702–1714)
		Robert Harley MP for Radnor	11 August 1710	4 June 1711	Tory	Oxford–Bolingbroke
		Robert Benson MP for York	4 June 1711	21 August 1713	Tory
		William Wyndham MP for Somerset	21 August 1713	13 October 1714	Tory
							George I (1714–1727)
		Richard Onslow MP for Surrey	13 October 1714	12 October 1715	Whig	Townshend
		Robert Walpole MP for King's Lynn	12 October 1715	15 April 1717	Whig
		James Stanhope 1st Earl Stanhope	15 April 1717	20 March 1718	Whig	Stanhope–Sunderland I
		John Aislabie MP for Ripon	20 March 1718	23 January 1721	Whig	Stanhope–Sunderland II
		John Pratt Lord Chief Justice (interim)	2 February 1721	3 April 1721	Whig
		Robert Walpole 1st Earl of Orford MP for King's Lynn	3 April 1721	12 February 1742	Whig	Walpole–Townshend
							George II (1727–1760)
						Walpole
		Samuel Sandys MP for Worcester	12 February 1742	12 December 1743	Whig	Carteret
​		Henry Pelham MP for Sussex	12 December 1743	8 March 1754	Whig
						Broad Bottom (I & II)
		William Lee Lord Chief Justice (interim)	8 March 1754	6 April 1754	Whig	Newcastle I
		Henry Bilson-Legge MP for Orford	6 April 1754	25 November 1755	Whig
		George Lyttelton MP for Okehampton	25 November 1755	16 November 1756	Whig
		Henry Bilson-Legge MP for Orford	16 November 1756	13 April 1757	Whig	Pitt–Devonshire
		William Murray 1st Earl of Mansfield Lord Chief Justice (interim)	13 April 1757	2 July 1757	Whig
						1757 Caretaker
		Henry Bilson-Legge MP for Orford → Hampshire	2 July 1757	19 March 1761	Whig	Pitt–Newcastle
							George III (1760–1820)
		William Barrington 2nd Viscount Barrington MP for Plymouth	19 March 1761	29 May 1762	Whig
		Francis Dashwood MP for Weymouth and Melcombe Regis	29 May 1762	16 April 1763	Tory	Bute (Tory–Whig)
		George Grenville MP for Buckingham	16 April 1763	16 July 1765	Whig	Grenville (Whig–Tory)
		William Dowdeswell MP for Worcestershire	16 July 1765	2 August 1766	Whig	Rockingham I
		Charles Townshend MP for Harwich	2 August 1766	4 September 1767	Whig	Chatham (Whig–Tory)
​		Frederick North Lord North MP for Banbury	11 September 1767	27 March 1782	Tory
						Grafton
						North
		Lord John Cavendish MP for York	27 March 1782	10 July 1782	Whig	Rockingham II
		William Pitt the Younger MP for Appleby	10 July 1782	31 March 1783	Whig	Shelburne (Whig–Tory)
		Lord John Cavendish MP for York	2 April 1783	19 December 1783	Whig	Fox–North
		William Pitt the Younger MP for Appleby → Cambridge University	19 December 1783	14 March 1801	Tory	Pitt I
		Henry Addington MP for Devizes	14 March 1801	10 May 1804	Tory	Addington
		William Pitt the Younger MP for Cambridge University	10 May 1804	23 January 1806	Tory	Pitt II
		Edward Law 1st Baron Ellenborough Lord Chief Justice (interim)	23 January 1806	5 February 1806	Tory	All the Talents (Whig–Tory)
		Lord Henry Petty-Fitzmaurice MP for Cambridge University	5 February 1806	26 March 1807	Whig
		Spencer Perceval MP for Northampton	26 March 1807	11 May 1812	Tory	Portland II
						Perceval
		Nicholas Vansittart MP for East Grinstead → Harwich	9 June 1812	12 July 1817	Tory	Liverpool

Chancellors of the United Kingdom (1817–present)

The governments of Great Britain and Ireland joined together in 1801. But their money departments didn't combine until 1817.

Chancellor of the Exchequer			Term of office		Party	Ministry	Monarch (Reign)
		Nicholas Vansittart MP for Harwich	12 July 1817	31 January 1823	Tory	Liverpool	George III (1760–1820)
							George IV (1820–1830)
		Frederick John Robinson MP for Ripon	31 January 1823	27 April 1827	Tory
		George Canning MP for Seaford	27 April 1827	8 August 1827	Tory	Canning (Canningite–Whig)
		Charles Abbott 1st Baron Tenterden Lord Chief Justice (interim)	8 August 1827	5 September 1827	Tory	Goderich
		John Charles Herries MP for Harwich	5 September 1827	26 January 1828	Tory
		Henry Goulburn MP for Armagh	26 January 1828	22 November 1830	Tory	Wellington–Peel
							William IV (1830–1837)
		John Spencer Viscount Althorp MP for Northamptonshire → South Northamptonshire	22 November 1830	14 November 1834	Whig	Grey
						Melbourne I
		Thomas Denman 1st Baron Denman Lord Chief Justice (interim)	14 November 1834	15 December 1834	Whig	Wellington Caretaker
		Robert Peel MP for Tamworth	15 December 1834	8 April 1835	Conservative	Peel I
		Thomas Spring Rice MP for Cambridge	18 April 1835	26 August 1839	Whig	Melbourne II
							Victoria (1837–1901)
		Francis Baring MP for Portsmouth	26 August 1839	30 August 1841	Whig
		Henry Goulburn MP for Cambridge University	3 September 1841	27 June 1846	Conservative	Peel II
		Charles Wood MP for Halifax	6 July 1846	21 February 1852	Whig	Russell I
		Benjamin Disraeli MP for Buckinghamshire	27 February 1852	17 December 1852	Conservative	Who? Who?
		William Ewart Gladstone MP for Oxford University	28 December 1852	28 February 1855	Peelite	Aberdeen (Peelite–Whig)
		George Cornewall Lewis MP for Radnor	28 February 1855	21 February 1858	Whig	Palmerston I
		Benjamin Disraeli MP for Buckinghamshire	26 February 1858	11 June 1859	Conservative	Derby–Disraeli II
		William Ewart Gladstone MP for Oxford University → South Lancashire	18 June 1859	26 June 1866	Liberal	Palmerston II
						Russell II
		Benjamin Disraeli MP for Buckinghamshire	6 July 1866	29 February 1868	Conservative	Derby–Disraeli III
		George Ward Hunt MP for North Northamptonshire	29 February 1868	1 December 1868	Conservative
		Robert Lowe MP for London University	9 December 1868	11 August 1873	Liberal	Gladstone I
		William Ewart Gladstone MP for Greenwich	11 August 1873	17 February 1874	Liberal
		Stafford Northcote MP for North Devonshire	21 February 1874	21 April 1880	Conservative	Disraeli II
		William Ewart Gladstone MP for Midlothian	28 April 1880	16 December 1882	Liberal	Gladstone II
		Hugh Childers MP for Pontefract	16 December 1882	9 June 1885	Liberal
		Michael Hicks Beach MP for Bristol West	24 June 1885	28 January 1886	Conservative	Salisbury I
		William Harcourt MP for Derby	6 February 1886	20 July 1886	Liberal	Gladstone III
		Lord Randolph Churchill MP for Paddington South	3 August 1886	22 December 1886	Conservative	Salisbury II
		George Goschen MP for St George Hanover Square	14 January 1887	11 August 1892	Liberal Unionist
		William Harcourt MP for Derby	18 August 1892	21 June 1895	Liberal	Gladstone IV
						Rosebery
		Michael Hicks Beach MP for Bristol West	29 June 1895	11 August 1902	Conservative	Salisbury (III & IV) (Con.–Lib.U.)
							Edward VII (1901–1910)
		Charles Ritchie MP for Croydon	11 August 1902	9 October 1903	Conservative	Balfour
		Austen Chamberlain MP for East Worcestershire	9 October 1903	4 December 1905	Liberal Unionist
		Herbert Henry Asquith MP for East Fife	10 December 1905	16 April 1908	Liberal	Campbell-Bannerman
		David Lloyd George MP for Caernarvon Boroughs	16 April 1908	25 May 1915	Liberal	Asquith (I–III)
							George V (1910–1936)
		Reginald McKenna MP for North Monmouthshire	25 May 1915	10 December 1916	Liberal	Asquith Coalition (Lib.–Con.–et al.)
		Bonar Law MP for Bootle → Glasgow Central	10 December 1916	10 January 1919	Conservative	Lloyd George (I & II)
		Austen Chamberlain MP for Birmingham West	10 January 1919	1 April 1921	Conservative
		Robert Horne MP for Glasgow Hillhead	1 April 1921	19 October 1922	Conservative
		Stanley Baldwin MP for Bewdley	27 October 1922	27 August 1923	Conservative	Law
​						Baldwin I
		Neville Chamberlain MP for Birmingham Ladywood	27 August 1923	22 January 1924	Conservative
		Philip Snowden MP for Colne Valley	22 January 1924	3 November 1924	Labour	MacDonald I
		Winston Churchill MP for Epping	6 November 1924	4 June 1929	Conservative	Baldwin II
		Philip Snowden MP for Colne Valley	7 June 1929	5 November 1931	Labour	MacDonald II
					National Labour	National I (N.Lab.–Con.–et al.)
		Neville Chamberlain MP for Birmingham Edgbaston	5 November 1931	28 May 1937	Conservative	National II
​						National III (Con.–N.Lab.–et al.)
							Edward VIII (1936)
​							George VI (1936–1952)
		John Simon MP for Spen Valley	28 May 1937	12 May 1940	Liberal National	National IV
						Chamberlain War
		Kingsley Wood MP for Woolwich West	12 May 1940	21 September 1943	Conservative	Churchill War (All parties)
​		John Anderson MP for Combined Scottish Universities	24 September 1943	26 July 1945	Independent (National)
						Churchill Caretaker (Con.–Lib.N.)
		Hugh Dalton MP for Bishop Auckland	27 July 1945	13 November 1947	Labour	Attlee (I & II)
		Stafford Cripps MP for Bristol East → Bristol South East	13 November 1947	19 October 1950	Labour
		Hugh Gaitskell MP for Leeds South	19 October 1950	26 October 1951	Labour
		Richard Austen Butler MP for Saffron Walden	26 October 1951	20 December 1955	Conservative	Churchill III
							Elizabeth II (1952–2022)
						Eden
		Harold Macmillan MP for Bromley	20 December 1955	13 January 1957	Conservative
		Peter Thorneycroft MP for Monmouth	13 January 1957	6 January 1958	Conservative	Macmillan (I & II)
		Derick Heathcoat-Amory MP for Tiverton	6 January 1958	27 July 1960	Conservative
		Selwyn Lloyd MP for Wirral	27 July 1960	13 July 1962	Conservative
​		Reginald Maudling MP for Barnet	16 July 1962	16 October 1964	Conservative
						Douglas-Home
		James Callaghan MP for Cardiff South East	17 October 1964	29 November 1967	Labour	Wilson (I & II)
		Roy Jenkins MP for Birmingham Stechford	29 November 1967	19 June 1970	Labour
		Iain Macleod MP for Enfield West	20 June 1970	20 July 1970	Conservative	Heath
		Anthony Barber MP for Altrincham and Sale	25 July 1970	4 March 1974	Conservative
		Denis Healey MP for Leeds East	5 March 1974	4 May 1979	Labour	Wilson (III & IV)
						Callaghan
		Geoffrey Howe MP for East Surrey	4 May 1979	11 June 1983	Conservative	Thatcher I
		Nigel Lawson MP for Blaby	11 June 1983	26 October 1989	Conservative	Thatcher II
​						Thatcher III
		John Major MP for Huntingdon	26 October 1989	28 November 1990	Conservative
		Norman Lamont MP for Kingston-upon-Thames	28 November 1990	27 May 1993	Conservative	Major I
​						Major II
		Kenneth Clarke MP for Rushcliffe	27 May 1993	2 May 1997	Conservative
		Gordon Brown MP for Dunfermline East → Kirkcaldy and Cowdenbeath	2 May 1997	27 June 2007	Labour	Blair (I, II & III)
		Alistair Darling MP for Edinburgh South West	28 June 2007	11 May 2010	Labour	Brown
		George Osborne MP for Tatton	11 May 2010	13 July 2016	Conservative	Cameron–Clegg (Con.–L.D.)
						Cameron II
		Philip Hammond MP for Runnymede and Weybridge	13 July 2016	24 July 2019	Conservative	May I
						May II
		Sajid Javid MP for Bromsgrove	24 July 2019	13 February 2020	Conservative	Johnson I
​						Johnson II
		Rishi Sunak MP for Richmond (Yorks)	13 February 2020	5 July 2022	Conservative
		Nadhim Zahawi MP for Stratford-on-Avon	5 July 2022	6 September 2022	Conservative
‍		Kwasi Kwarteng MP for Spelthorne	6 September 2022	14 October 2022	Conservative	Truss
							Charles III (2022–present)
		Jeremy Hunt MP for South West Surrey	14 October 2022	5 July 2024	Conservative
​						Sunak
		Rachel Reeves MP for Leeds West	5 July 2024	Incumbent	Labour	Starmer

Timeline of Chancellors

This timeline shows who has been Chancellor of the Exchequer since 1817.

See Also

• Shadow Chancellor of the Exchequer
• List of lord high treasurers of England and Great Britain

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