Information about Chancellor Of The Exchequer
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 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 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.
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.
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.
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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The Great Offices of State in the United Kingdom are the four most senior and prestigious posts in the British parliamentary system of government.
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Economic policy
Monetary policy
Central bank Money supply
Fiscal policy
Spending Deficit Debt
Trade policy
Tariff Trade agreement
Finance
Financial market
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Economic policy
Monetary policy
Central bank Money supply
Fiscal policy
Spending Deficit Debt
Trade policy
Tariff Trade agreement
Finance
Financial market
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Budget (from french bougette) generally refers to a list of all planned expenses and revenues. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs
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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.
Roles and responsibilities
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The Treasury, Whitehall
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 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.
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.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.
Accoutrements of Office
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 (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.Budget Box
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The original 'Budget Box'
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.
Trivia
- 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."
- The Townshend Acts were named after Charles Townshend, an 18th-century Chancellor who encouraged taxes to earn revenue from the colonies after the French and Indian or Seven Years War.
- The office is the only remaining one of the four Great Offices of State to have never been filled by a woman.
List of holders of the office since 1559
Chancellors of the Exchequer of England
- For the equivalent Scottish post, see Treasurer of Scotland.
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| Name | Period |
|---|---|
| Hervey de Stanton | 1316 – 1327 |
| Sir John Baker | circa 1558 |
| 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 |
Chancellors of the Exchequer of Great Britain
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Robert Walpole, de facto first Prime Minister who also served as Chancellor of the Exchequer for more than 22 years. In this picture Walpole is wearing the Chancellor's robe of office.
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William Pitt the Younger, Chancellor of the Exchequer for 19 years and 9 months, all but 9 months as Prime Minister simultaneously, and who introduced Britain's first income tax to pay for the Napoleonic Wars.
Chancellors of the Exchequer of the United Kingdom
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See also
- Budget
- List of Lord High Treasurers
- Shadow Chancellor of the Exchequer
- UK topics
- Great Offices of State
Notes and references
1. ^ Served as Prime Minister after their Chancellorship.
2. ^ Also served as Prime Minister for some or all of their Chancellorship.
3. ^ Died in office.
2. ^ Also served as Prime Minister for some or all of their Chancellorship.
3. ^ Died in office.
Great Offices of State of the United Kingdom | |||||
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Motto
"Dieu et mon droit" [2] (French)
"God and my right"
Anthem
"God Save the Queen" [3]
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"Dieu et mon droit" [2] (French)
"God and my right"
Anthem
"God Save the Queen" [3]
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In the politics of the United Kingdom, the Cabinet is a formal body composed of the most senior government ministers chosen by the Prime Minister. Most members are heads of government departments with the title "Secretary of State".
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For other uses of "Minister," see Minister.
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economy is the system of human activities related to the production, distribution, exchange, and consumption of goods and services of a country or other area.
The composition of a given economy is inseparable from technological evolution, civilization's history and social
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The composition of a given economy is inseparable from technological evolution, civilization's history and social
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FINANCIAL is the weekly English-language newspaper with offices in Tbilisi, Georgia and Kiev, Ukraine. Published by Intelligence Group LLC, FINANCIAL is focused on opinion leaders and top business decision-makers; It's about world’s largest companies, investing, careers, and
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Taxation in the United Kingdom
This article is part of the series:
Politics and government of
the United Kingdom
Central government
taxation
HM Treasury
HM Revenue and Customs
Income tax
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This article is part of the series:
Politics and government of
the United Kingdom
Central government
taxation
HM Treasury
HM Revenue and Customs
Income tax
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Not to be confused with Great Officers of State.
The Great Offices of State in the United Kingdom are the four most senior and prestigious posts in the British parliamentary system of government.
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Prime Minister of the United Kingdom of Great Britain and Northern Ireland
Logo of Her Majesty's Government
Incumbent: The Right Honourable Gordon Brown, MP.
Origins: gradual.
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Logo of Her Majesty's Government
Incumbent:
Origins:
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England is the largest and most populous of the constituent countries of the United Kingdom. The division dates from the arrival of the Anglo-Saxons in the 5th century. The territory of England has been politically united since the 10th century.
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The Exchequer was (and in some cases still is) a part of the governments of England (latterly to include Wales, Scotland and Northern Ireland) that was responsible for the management and collection of revenues. The various Exchequers also developed a judicial role.
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Motto
Dieu et mon droit (French)
"God and my right"
Anthem
No official anthem specific to England — the anthem of the United Kingdom is "God Save the Queen".
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Dieu et mon droit (French)
"God and my right"
Anthem
No official anthem specific to England — the anthem of the United Kingdom is "God Save the Queen".
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Economic policy
Monetary policy
Central bank Money supply
Fiscal policy
Spending Deficit Debt
Trade policy
Tariff Trade agreement
Finance
Financial market
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Bank of England
The Bank of England
Headquarters London
Coordinates Coordinates:
Governor Mervyn King
Central Bank of United Kingdom
Currency Pound sterling
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The Bank of England
Headquarters London
Coordinates Coordinates:
Governor Mervyn King
Central Bank of United Kingdom
Currency Pound sterling
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Economic policy
Monetary policy
Central bank Money supply
Fiscal policy
Spending Deficit Debt
Trade policy
Tariff Trade agreement
Finance
Financial market
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Her Majesty's Government (HMG or HM Government), or when the monarch is male, His Majesty's Government, is the formal title used by the United Kingdom government, based at 10 Downing Street in London.
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The Lord High Chancellor of Great Britain, or Lord Chancellor is a senior and important functionary in the government of the United Kingdom. He is the second highest ranking of the Great Officers of State and is appointed by the Sovereign on the advice of the Prime Minister.
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The Chancellor of the Duchy of Lancaster is, in modern times, a sinecure office in the British government.
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History
Originally he was the chief officer in the daily management of the Duchy of Lancaster (a former county palatine merged into the Crown in 1399), but that..... Click the link for more information.
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Lord Chief Baron of the Exchequer was the first baron of the Exchequer. "In the absence of both the Treasurer of the Exchequer or First Lord of the Treasury, and the Chancellor of the Exchequer, it was he who presided in the equity court and answered the bar i.e.
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Alistair Maclean Darling (born November 28, 1953) is a British politician and Chancellor of the Exchequer since June 28, 2007. He is Labour Party Member of Parliament for Edinburgh South West in Scotland.
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cost is the value of money that has been used up to produce something, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost.
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Her Majesty's Principal Secretary of State for Foreign and Commonwealth Affairs, commonly referred to as the Foreign Secretary, is a member of the British Government responsible for relations with foreign countries, heading the Foreign and Commonwealth Office.
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The Secretary of State for the Home Department, commonly known as the Home Secretary, is the minister in charge of the United Kingdom Home Office and is responsible for internal affairs in England and Wales, and for immigration and citizenship for the whole United Kingdom
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For the rental car company, see .
Budget (from french bougette) generally refers to a list of all planned expenses and revenues. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs
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The Honourable the Commons of the United Kingdom of Great Britain and Northern Ireland in Parliament assembled
Type Lower House
Speaker Michael Martin, (Non-affiliated)
since October 23, 2000
Leader Harriet Harman, (Labour)
since June 28, 2007
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Type Lower House
Speaker Michael Martin, (Non-affiliated)
since October 23, 2000
Leader Harriet Harman, (Labour)
since June 28, 2007
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fiscal year (or financial year or accounting reference date) is a 12-month period used for calculating annual ("yearly") financial statements in businesses and other organizations.
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