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 and was appointed First Secretary of State in May 2015. He was elected the Conservative MP for Tatton, Cheshire in 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 of 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. Employment
  2. Personal tax reform
  3. Access to financial services
  4. Bank regulation
  5. Business tax reform
  6. Deficit reduction
  7. Financial services regulation
  8. Government spending
  9. Tax evasion and avoidance
  10. UK economic growth

Announcements

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  1. PM and Chancellor announce 'one nation' plans to spread homeownership across the country

    • 4 July 2015
    • Press release
  2. Lloyds share sales have now raised over £12.5bn for the taxpayer

    • 2 July 2015
    • News story
  3. Business Secretary outlines next steps for Green Investment Bank

    • 25 June 2015
    • Press release
  4. Lloyds share sales raise over £12bn for the taxpayer

    • 23 June 2015
    • News story
  5. Chancellor presses industry on pension freedoms

    • 17 June 2015
    • News story
  6. Government sells 15% of shares in Royal Mail at 500p per share

    • 11 June 2015
    • Press release
  7. Mansion House 2015: Speech by the Chancellor of the Exchequer

    • 10 June 2015
    • Speech
  8. Chancellor to begin sales of government’s RBS stake

    • 10 June 2015
    • News story
  9. Help to Buy: helping 100,000 buy a new home

    • 3 June 2015
    • News story
  10. Chancellor: The Midlands should be Britain’s engine for growth

    • 1 June 2015
    • Speech