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 MP 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. Chancellor's speech at the National Cyber Security Centre opening

    • Speech
  2. Charlotte Hogg appointed new Deputy Governor, Markets and Banking

    • News story
  3. Manor of Northstead: Jamie Reed

    • News story
  4. Three Hundreds of Chiltern: Tristram Hunt

    • News story
  5. Davos 2017: Chancellor’s speech at the CBI’s British business Leaders Lunch

    • Speech
  6. UK Taxpayer no longer largest Lloyds Bank shareholder

    • News story
  7. Chancellor set to strengthen economic relations with Gulf allies in New Year tour

    • News story
  8. Spring Budget 2017 date confirmed

    • News story
  9. Help to Buy helps over 220,000 people buy a new home

    • News story
  10. Chancellor waives VAT on Jo Cox charity single

    • News story