Ministerial role

Chancellor of the Exchequer

Responsibilities

The Chancellor of the Exchequer is the government’s chief financial minister and as such is responsible for raising revenue through taxation or borrowing and for controlling public spending. He has overall responsibility for the work of the Treasury.

The Chancellor’s responsibilities cover:

  • fiscal policy (including the presenting of the annual Budget)
  • monetary policy, setting inflation targets
  • ministerial arrangements (in his role as Second Lord of the Treasury)

Current role holder: The Rt Hon Philip Hammond MP

The Rt Hon Philip Hammond was appointed Chancellor of the Exchequer on 13 July 2016. He was elected Conservative MP for Runnymede and Weybridge in 1997.

Education

Philip was born in Epping, Essex in 1955 and attended school in Brentwood before studying politics, philosophy and economics at University College, Oxford.

Political career

He was previously Secretary of State for Transport from May 2010, when he was appointed as a Privy Counsellor. Prior to this, he held a number of shadow portfolios. He was elected to Parliament in 1997 and was Secretary of State for Defence from 2011 until July 2014. Philip served as Foreign Secretary from July 2014 until July 2016.

Career outside politics

Philip had a business career in small and medium-sized companies in manufacturing, consultancy, property and construction, and oil and gas, both in the UK and abroad.

Personal life

He is married with 3 children and lives in Send, Surrey.

Previous holders of this role

Find out more about previous holders of this role in our past Chancellors of the Exchequer section.

Announcements

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  1. Cabinet meeting statement: 20 June 2017

    • Press release
  2. Mansion House 2017: Speech by the Chancellor of the Exchequer

    • Speech
  3. Professor Silvana Tenreyro appointed to the Monetary Policy Committee

    • News story
  4. Sir Christopher Kelly appointed as a non-executive member of the Office for Budget Responsibility

    • News story
  5. John Griffith-Jones confirms plan to leave the FCA and PSR in March 2018

    • News story
  6. Government confirms emergency funding available in response to Grenfell Tower incident

    • Press release
  7. Andrew Haldane reappointed to the Monetary Policy Committee

    • News story
  8. Taxpayers get all their money back from Lloyds

    • News story
  9. Business Secretary announces Industrial Strategy Challenge Fund investments

    • Press release
  10. Our FinTech industry can power a prosperous future: article by Philip Hammond

    • Speech