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 George Osborne MP

George Osborne became Chancellor of the Exchequer in May 2010. He has been the Conservative MP for Tatton, Cheshire since June 2001.

Education

He was born and educated in London, studying modern history at Oxford University.

Political career

George worked as Political Secretary to the Leader of the Opposition before being elected to Parliament. He entered Parliament as the youngest Conservative MP in the House of Commons.

After serving on the Public Accounts Committee and holding a number shadow ministerial posts, he was appointed to the position of Shadow Chancellor in 2005, aged 33, where he served opposite Chancellors Gordon Brown and Alistair Darling until 2010.

In 2005 he successfully ran David Cameron’s campaign to become Leader of the Conservative Party. Following the 2010 Election he was part of the small Conservative negotiating team during the discussions that led to the formation of the Coalition Government. In May 2010 he became Chancellor of the Exchequer.

He was the youngest Chancellor to take office since Randolph Churchill in 1886.

Personal life

George is married to the writer Frances Osborne. They have 2 children.

Previous holders of this role

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

Policies

  1. Helping people to find and stay in work

    • 6 August 2014
  2. Creating stronger and safer banks

    • 22 January 2014
  3. Achieving strong and sustainable economic growth

    • 31 July 2013
  4. Reducing the deficit and rebalancing the economy

    • 9 July 2013
  5. Spending taxpayers' money responsibly

    • 9 July 2013
  6. Making it easier for people to access and use financial services

    • 24 April 2013
  7. Improving regulation of the financial sector to protect customers and the economy

    • 24 April 2013
  8. Creating a simpler, fairer tax system

    • 24 April 2013

Announcements

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  1. Boost for North East manufacturing and engineering as Chancellor announces £1.4 million skills fund

    • 27 February 2015
    • News story
  2. Chancellor: our long term economic plan for the North East

    • 27 February 2015
    • Speech
  3. Pupils in the north to benefit from 'injection of expertise'

    • 27 February 2015
    • Press release
  4. £50 million contract & 50 new jobs at Nifco UK welcomed by Chancellor

    • 27 February 2015
    • News story
  5. Long term economic plan for the North East announced by Chancellor

    • 27 February 2015
    • News story
  6. Chancellor's opening remarks at the OECD UK economic survey press conference

    • 24 February 2015
    • Speech
  7. Government gets further £500m of taxpayers’ money back from Lloyds share sales

    • 23 February 2015
    • News story
  8. Chancellor: our long term economic plan for London

    • 20 February 2015
    • Speech
  9. Long term economic plan for London announced by Chancellor and Mayor of London

    • 20 February 2015
    • News story
  10. Travel boost for Londoners as Chancellor and Mayor confirm expansion of night time services & new WiFi for the Tube

    • 20 February 2015
    • News story