Chancellor of the Exchequer

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Chancellor of the Exchequer and Second Lord of the Treasury
Royal Coat of Arms of the United Kingdom (HM Government).svg
Official portrait of the Chancellor of the Exchequer Jeremy Hunt, 2022 (cropped) 2.jpg
Incumbent
Jeremy Hunt
since 14 October 2022
His Majesty's Treasury
Style
Type
Member of
Reports toThe Prime Minister
Residence
[1]
Seat Westminster
Appointer The Monarch
(on the advice of the Prime Minister)
Term length At His Majesty's pleasure
Formation22 June 1316
First holder Hervey de Stanton
(in the Kingdom of England only)
Deputy Chief Secretary to the Treasury
Salary£153,022 (including £81,932 salary as Member of Parliament)
Website Official website

The chancellor of the Exchequer, often abbreviated to chancellor, [2] is a senior minister of the Crown within the Government of the United Kingdom, and head of His Majesty's Treasury. As one of the four Great Offices of State, the Chancellor is a high-ranking member of the British Cabinet.

Contents

Responsible for all economic and financial matters, the role is equivalent to that of a finance minister in other countries. The chancellor is now always Second Lord of the Treasury as one of at least six lords commissioners of the Treasury, responsible for executing the office of the Treasurer of the Exchequer   the others are the prime minister and Commons government whips. In the 18th and early 19th centuries, it was common for the prime minister also to serve as Chancellor of the Exchequer if he sat in the Commons; the last Chancellor who was simultaneously prime minister and Chancellor of the Exchequer was Stanley Baldwin in 1923. Formerly, in cases when the chancellorship was vacant, the Lord Chief Justice of the King's Bench would act as chancellor pro tempore. [3] 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, and in recent times has come to be the most powerful office in British politics after the prime minister. They originally carried responsibility for the Exchequer, the medieval English institution for the collection and auditing of royal revenues. The earliest surviving records which are the results of the exchequer's audit, date from 1129 to 1130 under King Henry I and show continuity from previous years. [4] The Chancellor has oversight of fiscal policy, therefore of taxation and public spending across government departments. It previously controlled monetary policy as well until 1997, when the Bank of England was granted independent control of its interest rates.

Since 1718, all chancellors of the exchequer, except at times the lord chief justice as interim holders, have been members of the House of Commons with Lord Stanhope being the last chancellor from the House of Lords.

The office holder works alongside the other Treasury ministers and the permanent secretary to the Treasury. The corresponding shadow minister is the shadow chancellor of the Exchequer, and the chancellor is also scrutinised by the Liberal Democrat Treasury spokesperson and the Treasury Select Committee. [5]

Second Lord of the Treasury

The holder of the office of Chancellor of the Exchequer is ex officio Second Lord of the Treasury as a member of the commission exercising the ancient office of Treasurer of the Exchequer. [6] As Second Lord, his official residence is 11 Downing Street in London, next door to the residence of the first lord of the Treasury (a title that has for many years been 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 an apartment made from attic rooms previously resided in by servants.

Since 1827, the chancellor has almost always held the office of Second Lord of the Treasury when that person has not also been the prime minister. A notable recent exception is Kwasi Kwarteng, whom Charles III appointed Second Lord on 18 October 2022, [7] four days after Kwarteng had resigned the chancellorship.

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."

Fiscal policy

The chancellor has considerable control over other departments as it is the Treasury that sets Departmental Expenditure Limits. The amount of power this gives to an individual chancellor depends on their personal forcefulness, their status within their party and their 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 the same position throughout his ten years as prime minister; making Brown an unusually dominant figure and the longest-serving chancellor since the Reform Act of 1832. [8] This has strengthened a pre-existing trend towards the chancellor occupying a clear second position among government ministers, elevated above his traditional peers, the foreign secretary and home secretary.

One part of the chancellor's key roles involves the framing of the annual year budget. As of 2017, the first is the Autumn Budget, also known as Budget Day which forecasts government spending in the next financial year and also announces new financial measures. The second is a Spring Statement, also known as a "mini-Budget". Britain's tax year has retained the old Julian end of year: 24 March (Old Style) / 5 April (New Style, i.e. Gregorian). From 1993, the Budget was in spring, preceded by an annual autumn statement. This was then called Pre-Budget Report. The Autumn Statement usually took place in November or December. The 1997, 2001, 2002, 2003, 2006, 2007, 2008, 2012 and 2016 budgets were all delivered on a Wednesday, summarised in a speech to the House of Commons.

The budget is a state secret until the chancellor reveals it in his speech to Parliament. Hugh Dalton, on his way to giving the budget speech in 1947, inadvertently blurted out key details to a newspaper reporter, and they appeared in print before he made his speech. Dalton was forced to resign. [9]

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. [10] 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 officially 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. Whilst not continuously in use, there can also be appointed a commercial secretary to the Treasury and an exchequer 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 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 financial matters by tradition confirmed by the Parliament Acts, the office is effectively limited to members of the House of Commons; apart from the occasions when the lord chief justice of the King's Bench has acted as interim Chancellor. The last peer to hold the office was Henry Booth, 2nd Baron Delamer (created Earl of Warrington shortly after leaving office) from 9 April 1689 to 18 March 1690. The chancellor holds the formerly independent office of Master of the Mint as a subsidiary office. [11]

Perquisites of the office

Official residence

The chancellor of the Exchequer has no official London residence as such but since 1828 in his role as Second Lord of the Treasury he lives in the second lord's official residence, No. 11 Downing Street. [12] 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 living with him, including one born during his tenure) than Brown who was at that stage unmarried.

Dorneywood

Dorneywood is the summer residence that is traditionally made available to the chancellor, though it is the prime minister who ultimately decides who may use it. Gordon Brown, on becoming chancellor in 1997, refused to use it and the house, which is set in 215 acres (87 ha) [13] of parkland, was allocated to Deputy Prime Minister John Prescott. It reverted to the chancellor in 2007, then Alistair Darling. [14]

Budget box

Budget box or Gladstone box, c. 1860 Cropped Gladstone's Red Box.jpg
Budget box or Gladstone box, c. 1860

The chancellor traditionally carries his budget speech to the House of Commons in a particular red despatch Box. The chancellor's red briefcase is identical to the briefcases used by all other government ministers (known as ministerial boxes or "despatch 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 Ewart Gladstone in 1853 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 despatch box 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. [15]

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 cypher and crest and the Chancellor's title. In his first Budget, in March 2008, Alistair Darling reverted to using the original budget briefcase and his successor, George Osborne, continued this tradition for his first budget, before announcing that it would be retired due to its fragile condition. [16] The key to the original budget box has been lost. [17]

Budget tipple

By tradition, the chancellor has been allowed to drink whatever they wish while making the annual budget speech to Parliament. This includes alcohol, which is otherwise banned under parliamentary rules.

Previous chancellors have opted for whisky (Kenneth Clarke), gin and tonic (Geoffrey Howe), brandy and water (Benjamin Disraeli and John Major), spritzer (Nigel Lawson) and sherry and beaten egg (William Gladstone). [18]

The recent chancellors, Philip Hammond, George Osborne, Alistair Darling and Gordon Brown, [19] opted for water. In fact Darling drank what was named "Standard Water" in reference to, and support of, the London Evening Standard newspaper's campaign to have plain tap water available in restaurants at no charge to customers. [20]

Robe of office

The chancellor, as Master of the Mint, has a robe of office, [21] similar to that of the lord chancellor (as seen in several of the portraits depicted below). In recent times, it has only regularly been worn at coronations, but some chancellors (at least until the 1990s) have also worn it when attending the Trial of the Pyx as Master of the Mint. According to George Osborne, the robe (dating from Gladstone's time in office, and worn by the likes of Lloyd George and Churchill) [22] 'went missing' during Gordon Brown's time as chancellor. [23]

List of chancellors of the Exchequer

Chancellors of the Exchequer of England (c.1221c.1558)

Chancellor of the ExchequerTerm of officeMonarch
(Reign)
No image.svg Eustace of Fauconberg
Bishop of London
c.1221 Henry III
Coat of Arms of England (-1340).svg
(1216–1272)
No image.svg John Maunsell
Secretary of State
c.1234
Ralph de Leicester before 1248
Edward of Westminster 1248
Albric de Fiscamp before 1263
No image.svg John Chishull
Lord Chancellor [1221 1]
12631265
No image.svg Walter Giffard
Bishop of Bath and Wells
12651266
No image.svg Godfrey Giffard
Lord Chancellor
12661268
No image.svg John Chishull
Lord Chancellor
12681269
No image.svg Richard of Middleton
Archdeacon of Northumberland
12691272
Roger de la Leye before 1283
Geoffrey de Neuband Edward I
Coat of Arms of England (-1340).svg
(1272–1307)
Philip de Willoughby 12831305
No image.svg John Benstead
Secretary of State
13051306
No image.svg John Sandale
Bishop of Winchester
c.July
1307
1308 Edward II
Coat of Arms of England (-1340).svg
(1307–1327)
John of Markenfield 13091312
No image.svg John Hotham
Bishop of Ely
13121316
No image.svg Hervey de Stanton 1316c.1323
BishopWalterStapledon ExeterCathedral.JPG Walter de Stapledon
Lord High Treasurer
1323c.1324
No image.svg Hervey de Stanton
Chief Justice of the Common Pleas
1324c.January
1327
No image.svg Adam de Harvington c.January
1327
1330 Edward III
Coat of Arms of Edward III of England (1327-1377) (Attributed).svg
(1327–1377)
[1221 2]
No image.svg Robert Wodehouse 13301331
Chichestercathedralrobertstratfordtomb.jpg Robert de Stratford
Bishop of Chichester
13311334
John Hildesle c.1338
William de Everdon 1341
William Askeby
Archdeacon of Northampton
1363
No image.svg Robert de Ashton 1375c.June
1377
Sir Walter Barnham c.June
1377
c.September
1399
Richard II
Coat of Arms of Richard II of England (1377-1399).svg
(1377–1399)
No image.svg Henry Somer
MP for Middlesex
14101437 Henry IV
Coat of Arms of Henry IV of England (1399-1413).svg
(1399–1413)
Henry V
Coat of Arms of Henry IV & V of England (1413-1422).svg
(1413–1422)
Henry VI
Coat of Arms of Henry VI of England (1422-1471).svg
(1422–1461)
[1221 3]
No image.svg John Somerset 14411447
No image.svg Thomas Browne
MP for Dover
1440?1450?
No image.svg Thomas Witham 1454
No image.svg Thomas Thwaites c.March
1461
Edward IV
Coat of Arms of Edward IV of England (1461-1483).svg
(1461–1470)
No image.svg Thomas Witham 14651469
Richard Fowler 1469c.April
1471
Henry VI
Coat of Arms of Henry VI of England (1422-1471).svg
(1470–1471)
No image.svg Thomas Thwaites
Chancellor of the Duchy of Lancaster
c.April
1471
c.April
1483
Edward IV
Coat of Arms of Edward IV of England (1461-1483).svg
(1471–1483)
William Catesby, memorial brass.jpg William Catesby
Speaker of the House of Commons
c.April
1483
c.1484 Edward V
Coat of Arms of Edward V of England (1483).svg
(1483)
[1221 4]
Richard III
Coat of Arms of Richard III of England (1483-1485).svg
(1483–1485)
Sir Thomas Lovell, bronze medallion.jpg Thomas Lovell
Speaker of the House of Commons [1221 5]
c.August
1485
1524 Henry VII
Coat of Arms of Henry VII of England (1485-1509).svg
(1485–1509)
Henry VIII
Coat of Arms of England (1509-1554).svg
(1509–1547)
[1221 6]
John Bourchier, 2nd Baron Berners by Ambrosius Benson.jpg John Bourchier
2nd Baron Berners
15241533?
Cromwell,Thomas(1EEssex)01.jpg Thomas Cromwell
1st Earl of Essex

Secretary of State
12 April
1533
10 June
1540
John Baker
MP for Kent
1545c.November
1558
SirJohnBaker.jpg
Edward VI
Coat of Arms of England (1509-1554).svg
(1547–1553)
[1221 7]
Mary I
Coat of Arms of England (1554-1558).svg
(1553–1558)
^† Died in office.
  1. Served until 1264.
  2. Lord Lancaster served as Regent of England during the minority of Edward III.
  3. The Regency government led by the Regency Council governed England during the minority of Henry VI.
  4. The Duke of Gloucester served as Regent of England during the reign of Edward V.
  5. Served until 1488.
  6. Margaret Beaufort served as Regent of England during the minority of Henry VIII.
  7. The Duke of Somerset and Duke of Northumberland served as Regent of England successively during the reign of Edward VI.

Chancellors of the Exchequer of England (c.1558 – 1708)

Chancellor of the Exchequer [lower-alpha 1] Term of officeMonarch
(Reign)
No image.svg Richard Sackville [24]
MP for Sussex
February
1559
21 April
1566
Elizabeth I
Coat of Arms of England (1558-1603).svg
(1558–1603)
Walter Mildmay.jpg Walter Mildmay [24]
MP for Northamptonshire
156631 May
1589
Sir John Fortescue by Sidney Hunt.jpg John Fortescue [24]
15891603
George Home 1st Earl of Dunbar.jpg George Home
1st Earl of Dunbar
[24]
24 May
1603
April
1606
James I
Coat of Arms of England (1603-1649).svg
(1603–1625)
Unknown man, formerly known as Sir Julius Caesar from NPG.jpg Julius Caesar [24]
MP for Middlesex
11 April
1606
1614
Fulkegrevillee.jpg Fulke Greville [24]
MP for Warwickshire [1558 3]
15 October
1614
1621
RichardWeston.jpg Richard Weston [24]
MP for 7 constituencies successively
29 January
1621
15 July
1628
Charles I
Coat of Arms of England (1603-1649).svg
(1625–1649)
No image.svg Edward Barrett
1st Lord Barrett of Newburgh
[24]
14 August
1628
1629
Francis Cottington, 1st Baron Cottington from NPG.jpg Francis Cottington
1st Baron Cottington
[24]
18 April
1629
6 January
1642
1stLordColepeper.jpg John Colepeper [24]
MP for Kent
6 January
1642
22 February
1643
WH 1st Earl of Clarendon.png Edward Hyde [24] February
1643
1646
Vacancy during the Interregnum (1649–1660)
Chancellor of the Exchequer [lower-alpha 1] Term of officeMinistryMonarch
(Reign)
WH 1st Earl of Clarendon.png Edward Hyde
1st Baron Hyde
[24]
166013 May
1661
Clarendon Charles II
Coat of Arms of England (1660-1689).svg
(1660–1685)
Anthony Ashley-Cooper, 1st Earl of Shaftesbury.jpg Anthony Ashley Cooper
1st Baron Ashley
[24]
13 May
1661
22 November
1672
Cabal
No image.svg John Duncombe [24]
MP for Bury St Edmunds
22 November
1672
2 May
1676
Danby I
John Ernle [24]
MP for 4 constituencies successively
2 May
1676
9 April
1689
Privy Council
Chits
James II
Coat of Arms of England (1660-1689).svg
(1685–1688)
William III
&
Mary II
Coat of Arms of England (1689-1694).svg
(1689–1694)
Henrybooth.jpg Henry Booth
2nd Baron Delamer
[24]
9 April
1689
18 March
1690
Carmarthen–Halifax
No image.svg Richard Hampden [24]
MP for Buckinghamshire
18 March
1690
10 May
1694
Carmarthen
Charles Montagu, 1st Earl of Halifax by Sir Godfrey Kneller, Bt.jpg Charles Montagu [24]
10 May
1694
31 May
1699
Whig Junto I
William III
Coat of Arms of England (1694-1702).svg
(1694–1702)
John Smith, Speaker of the House of Commons (cropped).jpg John Smith [24]
MP for Andover
31 May
1699
23 March
1701
Pembroke
Henry Boyle [24]
27 March
1701
22 April
1708
Henry Boyle Lord Carleton by Godfrey Kneller.jpg Godolphin–Marlborough
( ToryWhig )
Anne
Coat of Arms of Great Britain (1707-1714).svg
(1702–1714)
  1. Served until 1589 during the 9th Parliament of Queen Elizabeth I.
  2. Served from 1601 prior to the Golden Speech.
  3. Served during the 3rd Parliament of King James I in 1621.
  4. Elected to a new constituency in the 1695 general election.
  5. Elected to a new constituency in the 1705 general election.

Chancellors of the Exchequer of Great Britain (1708–1817)

Chancellor of the Exchequer [lower-alpha 1] Term of officePartyMinistryMonarch
(Reign)
John Smith, Speaker of the House of Commons (cropped).jpg John Smith [24]
MP for Andover
22 April
1708
11 August
1710
Whig Godolphin–Marlborough
( ToryWhig )
Anne
Coat of Arms of Great Britain (1707-1714).svg
(1702–1714)
Robert Harley Chancellor of the Exchequer by Kneller.jpg Robert Harley [24]
MP for Radnor
11 August
1710
4 June
1711
Tory Oxford–Bolingbroke
Bingley.jpg Robert Benson [24]
MP for York
4 June
1711
21 August
1713
Tory
Sir William Wyndham, 3rd Bt by Jonathan Richardson.jpg William Wyndham [24]
MP for Somerset
21 August
1713
13 October
1714
Tory
George I
Coat of Arms of Great Britain (1714-1801).svg
(1714–1727)
[1708 1]
1stLordOnslow.jpg Richard Onslow [24]
MP for Surrey
13 October
1714
12 October
1715
Whig Townshend
Robertwalpole cropped.jpg Robert Walpole [24]
MP for King's Lynn
12 October
1715
15 April
1717
Whig
James Stanhope, 1st Earl Stanhope by Sir Godfrey Kneller, Bt.jpg James Stanhope
1st Earl Stanhope
[24]
15 April
1717
20 March
1718
Whig Stanhope–Sunderland I
JohnAislabie.jpg John Aislabie [24]
MP for Ripon
20 March
1718
23 January
1721
Whig Stanhope–Sunderland II
Sir John Pratt by Michael Dahl.jpg John Pratt [24]
Lord Chief Justice (interim)
2 February
1721
3 April
1721
Whig
Robertwalpole cropped.jpg Robert Walpole
1st Earl of Orford
[24]
MP for King's Lynn [1708 2]
3 April
1721
12 February
1742
Whig Walpole–Townshend
George II
Coat of Arms of Great Britain (1714-1801).svg
(1727–1760)
Walpole
1stLordSandys.jpg Samuel Sandys [24]
MP for Worcester
12 February
1742
12 December
1743
Whig Carteret
Henry Pelham by William Hoare.jpg Henry Pelham [24]
MP for Sussex
12 December
1743
8 March
1754
Whig
Broad Bottom
(I & II)
Sir William Lee by C.F. Barker cropped.jpg William Lee [24]
Lord Chief Justice (interim)
8 March
1754
6 April
1754
Whig Newcastle I
HenryBilsonLegge.jpg Henry Bilson-Legge [24]
MP for Orford
6 April
1754
25 November
1755
Whig
Lyttlelton.jpg George Lyttelton [24]
MP for Okehampton
25 November
1755
16 November
1756
Whig
HenryBilsonLegge.jpg Henry Bilson-Legge [24]
MP for Orford
16 November
1756
13 April
1757
Whig Pitt–Devonshire
William Murray, Earl of Mansfield LCJ.jpg William Murray
1st Earl of Mansfield
[24]
Lord Chief Justice (interim)
13 April
1757
2 July
1757
Whig
1757 Caretaker
HenryBilsonLegge.jpg Henry Bilson-Legge [24]
2 July
1757
19 March
1761
Whig Pitt–Newcastle
George III
Coat of Arms of the United Kingdom (1801-1816).svg
(1760–1820)
[1708 4]
2ndViscountBarrington.jpg William Barrington
2nd Viscount Barrington
[24]
MP for Plymouth
19 March
1761
29 May
1762
Whig
Francis Baron le Despencer by Nathaniel Dance-Holland.jpg Francis Dashwood [24]
MP for Weymouth and Melcombe Regis
29 May
1762
16 April
1763
Tory Bute
( ToryWhig )
George Grenville (1712-1770) by William Hoare (1707-1792) Cropped.jpg George Grenville [24]
MP for Buckingham
16 April
1763
16 July
1765
Whig Grenville
( WhigTory )
No image.svg William Dowdeswell [24]
MP for Worcestershire
16 July
1765
2 August
1766
Whig Rockingham I
Charles Townshend after Reynolds.jpg Charles Townshend [24]
MP for Harwich
2 August
1766
4 September
1767
Whig Chatham
( WhigTory )
Nathaniel Dance Lord North cropped cropped.jpg Frederick North
Lord North
[24]
MP for Banbury
11 September
1767
27 March
1782
Tory
Grafton
North
Lord John Cavendish by GD Tomlinson.jpg Lord John Cavendish [24]
MP for York
27 March
1782
10 July
1782
Whig Rockingham II
William Pitt the Younger.jpg William Pitt the Younger [24]
MP for Appleby
10 July
1782
31 March
1783
Whig Shelburne
( WhigTory )
Lord John Cavendish by GD Tomlinson.jpg Lord John Cavendish [24]
MP for York
2 April
1783
19 December
1783
Whig Fox–North
William Pitt the Younger.jpg William Pitt the Younger [24]
19 December
1783
14 March
1801
Tory Pitt I
Henry Addington by Beechey.jpg Henry Addington [24]
MP for Devizes
14 March
1801
10 May
1804
Tory Addington
William Pitt the Younger.jpg William Pitt the Younger [24]
MP for Cambridge University
10 May
1804
23 January
1806
Tory Pitt II
Lord-ellenborough.jpg Edward Law
1st Baron Ellenborough
[24]
Lord Chief Justice (interim)
23 January
1806
5 February
1806
Tory All the Talents
( WhigTory )
Henry Walton (1746-1813) - Henry Petty-Fitzmaurice, 3rd Marquess of Lansdowne - NPG 178 - National Portrait Gallery.jpg Lord Henry Petty-Fitzmaurice [24]
MP for Cambridge University
5 February
1806
26 March
1807
Whig
Spencer PercevalCE.jpg Spencer Perceval [24]
MP for Northampton
26 March
1807
11 May
1812
Tory Portland II
Perceval
Nicholas Vansittart by William Owen.jpg Nicholas Vansittart [25]
9 June
1812
12 July
1817
Tory Liverpool
  1. Lord Parker served as Regent of Great Britain from 1 August to 18 September 1714.
  2. Elevated to the Peerage of Great Britain on 6 February 1742.
  3. Elected to a new constituency in the Hampshire by-election.
  4. The Prince of Wales served as prince regent from 5 February 1811.
  5. Elected to a new constituency in the 1784 general election.
  6. Elected to a new constituency in the 1812 general election.

Chancellors of the Exchequer of the United Kingdom (1817–present)

Although the Kingdoms of Great Britain and Ireland had been united by the Acts 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. [26] [27] For the holders of the Irish office before this date, see Chancellor of the Exchequer of Ireland.

Chancellor of the Exchequer [lower-alpha 1] Term of officePartyMinistryMonarch
(Reign)
Nicholas Vansittart by William Owen.jpg Nicholas Vansittart [24]
MP for Harwich
12 July 181731 January 1823 Tory Liverpool George III
Coat of Arms of the United Kingdom (1801-1816).svg
(1760–1820)
[1817 1]
George IV
Coat of Arms of the United Kingdom (1816-1837).svg
(1820–1830)
Frederick John Robinson, 1st Earl of Ripon by Sir Thomas Lawrence cropped.jpg Frederick John Robinson [28]
MP for Ripon
31 January 182327 April 1827 Tory
George Canning by Richard Evans - detail.jpg George Canning [29]
MP for Seaford
27 April 18278 August 1827 Tory Canning
( CanningiteWhig )
Lord Tenterden LCJ by William Owen.jpg Charles Abbott
1st Baron Tenterden

Lord Chief Justice (interim)
8 August 18275 September 1827 Tory Goderich
John Charles Herries.jpg John Charles Herries [30]
MP for Harwich
5 September 182726 January 1828 Tory
HenryGoulburn.jpg Henry Goulburn [24]
MP for Armagh
26 January 182822 November 1830 Tory Wellington–Peel
William IV
Coat of Arms of the United Kingdom (1816-1837).svg
(1830–1837)
JC Spencer, Viscount Althorp by HP Bone cropped.jpg John Spencer
Viscount Althorp
[24]
22 November 183014 November 1834 Whig Grey
Melbourne I
Thomas Denman, 1st Baron Denman by Sir Martin Archer Shee crop.jpg Thomas Denman
1st Baron Denman

Lord Chief Justice (interim)
14 November 183415 December 1834 Whig Wellington Caretaker
Robert Peel by RR Scanlan detail.jpg Robert Peel [24]
MP for Tamworth
15 December 18348 April 1835 Conservative Peel I
1stBaronMonteagle.jpg Thomas Spring Rice [24]
MP for Cambridge
18 April 183526 August 1839 Whig Melbourne II
Victoria
Coat of Arms of the United Kingdom (1837-1952).svg
(1837–1901)
Francis Baring, 1st Baron Northbrook by Sir George Hayter.jpg Francis Baring [24]
MP for Portsmouth
26 August 183930 August 1841 Whig
HenryGoulburn.jpg Henry Goulburn [24]
MP for Cambridge University
3 September 184127 June 1846 Conservative Peel II
1stViscountHalifax.jpg Charles Wood [24]
MP for Halifax
6 July 184621 February 1852 Whig Russell I
Disraeli.jpg Benjamin Disraeli [24]
MP for Buckinghamshire
27 February 185217 December 1852 Conservative Who? Who?
WE Gladstone robed NPG.jpg William Ewart Gladstone [24]
MP for Oxford University
28 December 185228 February 1855 Peelite Aberdeen
( PeeliteWhig )
Sir George Cornewall Lewis, 2nd Bt.jpg George Cornewall Lewis [24]
MP for Radnor
28 February 185521 February 1858 Whig Palmerston I
Disraeli.jpg Benjamin Disraeli [24]
MP for Buckinghamshire
26 February 185811 June 1859 Conservative Derby–Disraeli II
WE Gladstone robed NPG.jpg William Ewart Gladstone [24]
18 June 185926 June 1866 Liberal Palmerston II
Russell II
Disraeli.jpg Benjamin Disraeli [24]
MP for Buckinghamshire
6 July 186629 February 1868 Conservative Derby–Disraeli III
George Ward Hunt (30 July 1825 - 29 July 1877) .jpg George Ward Hunt [24]
MP for North Northamptonshire
29 February 18681 December 1868 Conservative
Robert Lowe, 1st Viscount Sherbrooke by George Frederic Watts.jpg Robert Lowe [24]
MP for London University
9 December 186811 August 1873 Liberal Gladstone I
WE Gladstone robed NPG.jpg William Ewart Gladstone [24]
MP for Greenwich
11 August 187317 February 1874 Liberal
Stafford Northcote, 1st Earl of Iddesleigh.jpg Stafford Northcote [24]
MP for North Devonshire
21 February 187421 April 1880 Conservative Disraeli II
WE Gladstone robed NPG.jpg William Ewart Gladstone [24]
MP for Midlothian
28 April 188016 December 1882 Liberal Gladstone II
Hugh Childers, Lock & Whitfield woodburytype, 1876-83 crop.jpg Hugh Childers [24]
MP for Pontefract
16 December 18829 June 1885 Liberal
St Aldwyn Michael Edward Hicks-Beach (1st Earl).jpg Michael Hicks Beach [24]
MP for Bristol West
24 June 188528 January 1886 Conservative Salisbury I
Sir William Harcourt.jpg William Harcourt [24]
MP for Derby
6 February 188620 July 1886 Liberal Gladstone III
Randolph churchill.jpg Lord Randolph Churchill [24]
MP for Paddington South
3 August 188622 December 1886 Conservative Salisbury II
George Goschen by Bassano.jpg George Goschen [24]
MP for St George Hanover Square
14 January 188711 August 1892 Liberal Unionist
Sir William Harcourt.jpg William Harcourt [24]
MP for Derby
18 August 189221 June 1895 Liberal Gladstone IV
Rosebery
St Aldwyn Michael Edward Hicks-Beach (1st Earl).jpg Michael Hicks Beach [24]
MP for Bristol West
29 June 189511 August 1902 Conservative Salisbury
(III & IV)

( Con.Lib.U. )
Edward VII
Coat of Arms of the United Kingdom (1837-1952).svg
(1901–1910)
Charles Thomson Ritchie headshot.jpg Charles Ritchie [24]
MP for Croydon
11 August 19029 October 1903 Conservative Balfour
Austen Chamberlain MP.jpg Austen Chamberlain [24]
MP for East Worcestershire
9 October 19034 December 1905 Liberal Unionist
H H Asquith 1908.jpg Herbert Henry Asquith [24]
MP for East Fife
10 December 190516 April 1908 Liberal Campbell-Bannerman
David Lloyd George 1911.jpg David Lloyd George [31]
MP for Caernarvon Boroughs
16 April 190825 May 1915 Liberal Asquith
(I–III)
George V
Coat of Arms of the United Kingdom (1837-1952).svg
(1910–1936)
Reginald McKenna photo.jpg Reginald McKenna [24]
MP for North Monmouthshire
25 May 191510 December 1916 Liberal Asquith Coalition
( Lib.Con.–et al.)
Andrew Bonar Law 02.jpg Bonar Law [24]
10 December 191610 January 1919 Conservative Lloyd George
(I & II)
Austen Chamberlain MP.jpg Austen Chamberlain [24]
MP for Birmingham West
10 January 19191 April 1921 Conservative
Viscount Horne.jpg Robert Horne [24]
MP for Glasgow Hillhead
1 April 192119 October 1922 Conservative
Stanley Baldwin ggbain.35233 (cropped).jpg Stanley Baldwin [24]
MP for Bewdley
27 October 192227 August 1923 Conservative Law
Baldwin I
Chamberlain Neville.jpg Neville Chamberlain [24]
MP for Birmingham Ladywood
27 August 192322 January 1924 Conservative
Lord Snowden.jpg Philip Snowden [24]
MP for Colne Valley
22 January 19243 November 1924 Labour MacDonald I
Winston Churchill cph.3a49758.jpg Winston Churchill [24]
MP for Epping
6 November 19244 June 1929 Conservative Baldwin II
Lord Snowden.jpg Philip Snowden [24]
MP for Colne Valley
7 June 19295 November 1931 Labour MacDonald II
National Labour National I
( N.Lab.Con.–et al.)
Chamberlain Neville.jpg Neville Chamberlain [24]
MP for Birmingham Edgbaston
5 November 193128 May 1937 Conservative National II
National III
( Con.N.Lab.–et al.)
Edward VIII
Coat of Arms of the United Kingdom (1837-1952).svg
(1936)
George VI
Coat of Arms of the United Kingdom (1837-1952).svg
(1936–1952)
Viscount Simon.jpg John Simon [24]
MP for Spen Valley
28 May 193712 May 1940 Liberal National National IV
Chamberlain War
Kingsley Wood cropped.jpg Kingsley Wood [24]
MP for Woolwich West
12 May 194021 September 1943 Conservative Churchill War
(All parties)
John Anderson, 1st Viscount Waverley 1947.jpg John Anderson [24]
MP for Combined Scottish Universities
24 September 194326 July 1945 Independent
(National)
Churchill Caretaker
( Con.Lib.N. )
Hugh Dalton.png Hugh Dalton [24]
MP for Bishop Auckland
27 July 194513 November 1947 Labour Attlee
(I & II)
Stafford Cripps 1947.jpg Stafford Cripps [24]
13 November 194719 October 1950 Labour
Hugh Gaitskell 1958.jpg Hugh Gaitskell [24]
MP for Leeds South
19 October 195026 October 1951 Labour
Richard-Austen-Rab-Butler-1st-Baron-Butler-of-Saffron-Walden.jpg Richard Austen Butler [24]
MP for Saffron Walden
26 October 195120 December 1955 Conservative Churchill III
Elizabeth II
Royal Coat of Arms of the United Kingdom.svg
(1952–2022)
Eden
Harold Macmillan in 1942.jpg Harold Macmillan [24]
MP for Bromley
20 December 195513 January 1957 Conservative
Peter Thorneycroft cropped.png Peter Thorneycroft [24]
MP for Monmouth
13 January 19576 January 1958 Conservative Macmillan
(I & II)
Derick Heathcoat-Amory.png Derick Heathcoat-Amory [24]
MP for Tiverton
6 January 195827 July 1960 Conservative
Selwyn Lloyd cropped.jpg Selwyn Lloyd [24]
MP for Wirral
27 July 1960 13 July 1962 Conservative
Reginald Maudling [32]
MP for Barnet
16 July 196216 October 1964 Conservative
Douglas-Home
James Callaghan 1970 (cropped).jpg James Callaghan [33]
MP for Cardiff South East
17 October 196429 November 1967 Labour Wilson
(I & II)
Roy Jenkins 1977b.jpg Roy Jenkins [34]
MP for Birmingham Stechford
29 November 196719 June 1970 Labour
Iain Macleod crop.jpg Iain Macleod [24]
MP for Enfield West
20 June 197020 July 1970 Conservative Heath
Anthony Barber [24]
MP for Altrincham and Sale
25 July 19704 March 1974 Conservative
Denis Healey.jpg Denis Healey [24]
MP for Leeds East
5 March 19744 May 1979 Labour Wilson
(III & IV)
Callaghan
Geoffrey Howe (1985).jpg Geoffrey Howe [24]
MP for East Surrey
4 May 197911 June 1983 Conservative Thatcher I
Official portrait of Lord Lawson of Blaby crop 2.jpg Nigel Lawson [24]
MP for Blaby
11 June 198326 October 1989 Conservative Thatcher II
Thatcher III
Major PM full (cropped).jpg John Major [24]
MP for Huntingdon
26 October 198928 November 1990 Conservative
Official portrait of Lord Lamont of Lerwick 2020 crop 2.jpg Norman Lamont [24]
MP for Kingston-upon-Thames
28 November 199027 May 1993 Conservative Major I
Major II
Kenneth Clarke (2011).jpg Kenneth Clarke [24]
MP for Rushcliffe
27 May 19932 May 1997 Conservative
GordonBrown2004.JPG Gordon Brown [24]
2 May 199727 June 2007 Labour Blair
(I, II & III)
AlistairDarlingABr cropped.jpg Alistair Darling [35]
MP for Edinburgh South West
28 June 200711 May 2010 Labour Brown
George osborne hi.jpg George Osborne [36]
MP for Tatton
11 May 201013 July 2016 Conservative Cameron–Clegg
( Con.L.D. )
Cameron II
Official portrait of Mr Philip Hammond crop 2.jpg Philip Hammond [37]
MP for Runnymede and Weybridge
13 July 201624 July 2019 Conservative May I
May II
Official portrait of Rt Hon Sajid Javid MP crop 2.jpg Sajid Javid [38] [39]
MP for Bromsgrove
24 July 2019 13 February 2020 Conservative Johnson I
Johnson II
Chancellor Rishi Sunak (cropped).jpg Rishi Sunak [40]
MP for Richmond (Yorks)
13 February 2020 5 July 2022 Conservative
Official portrait of Nadhim Zahawi MP crop 2.jpg Nadhim Zahawi [41]
MP for Stratford-on-Avon
5 July 20226 September 2022 Conservative
Kwasi Kwarteng Official Portrait Cropped.jpg Kwasi Kwarteng [42]
MP for Spelthorne
6 September 2022 14 October 2022 Conservative Truss
Charles III
Royal Coat of Arms of the United Kingdom.svg
(2022–present)
Official portrait of the Chancellor of the Exchequer Jeremy Hunt, 2022 (cropped).jpg Jeremy Hunt [43] [44]
MP for South West Surrey
14 October 2022Incumbent Conservative
Sunak
  1. The Prince of Wales served as prince regent from 5 February 1811.
  2. Elected to a new constituency in the 1832 general election.
  3. Elected to a new constituency in the 1865 general election.
  4. Elected to a new constituency in the 1918 general election.
  5. Elected to a new constituency in the 1950 general election.
  6. Elected to a new constituency in the 2005 general election.

Timeline

1945–present

Jeremy HuntKwasi KwartengNadhim ZahawiRishi SunakSajid JavidPhilip HammondGeorge OsborneAlistair DarlingGordon BrownKenneth ClarkeNorman LamontJohn MajorNigel LawsonGeoffrey HoweDenis HealeyAnthony BarberIain MacleodRoy JenkinsJames CallaghanReginald MaudlingSelwyn LloydDerick Heathcoat-Amory, 1st Viscount AmoryPeter ThorneycroftHarold MacmillanRab ButlerHugh GaitskellStafford CrippsHugh DaltonChancellor of the Exchequer

See also

Notes

  1. 1 2 3 4 Including constituencies for elected MPs.

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Further reading