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 Philip Hammond guarantees EU funding beyond date UK leaves the EU

    • News story
  2. Sir Charles Bean nominated for appointment to the Office for Budget Responsibility

    • News story
  3. World-first “masala” bond launches on London Stock Exchange

    • News story
  4. £344 million London City Airport expansion hailed by Chancellor

    • News story
  5. FinTech Bridge established between the UK and the Republic of Korea

    • News story
  6. Chancellor to promote British business opportunities in China

    • News story
  7. New ministerial appointment July 2016: Chancellor of the Exchequer

    • Press release
  8. LIBOR fines to be used to support military charities and Royal Voluntary Service

    • News story
  9. Chancellor kickstarts work on building stronger economic and trade relationships with Britain’s closest international partners

    • News story
  10. Statement from the Chancellor and international investment banks on London as a world leading financial centre

    • News story