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

George Osborne became Chancellor of the Exchequer in May 2010. 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 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

    • 26 March 2015
  2. Bank regulation

    • 9 March 2015
  3. UK economic growth

    • 31 July 2013
  4. Deficit reduction

    • 9 July 2013
  5. Government spending

    • 9 July 2013
  6. Access to financial services

    • 24 April 2013
  7. Financial services regulation

    • 24 April 2013
  8. Personal tax reform

    • 24 April 2013

Announcements

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  1. Repayment of £2.6 billion historical debt to be completed by government

    • 27 March 2015
    • News story
  2. Chancellor hosts Senior US Congress at transatlantic technology manufacturer in the north-west

    • 27 March 2015
    • News story
  3. Northern destinations join forces to woo international tourists

    • 27 March 2015
    • Press release
  4. Chancellor showcases Northern Powerhouse to US delegation

    • 27 March 2015
    • News story
  5. £1.7m boost to help provide improved air ambulance coverage in East Anglia

    • 26 March 2015
    • News story
  6. Millions set to benefit as tax reforms come into effect

    • 26 March 2015
    • News story
  7. Chancellor visits Sheppy’s cider in Taunton following support for cider industry announced at Budget 2015

    • 26 March 2015
    • News story
  8. Lloyds share sale raises a further £500 million for the taxpayer

    • 26 March 2015
    • News story
  9. Support for churches and cathedrals across the UK announced by Chancellor

    • 26 March 2015
    • News story
  10. Government reports on latest progress to cement UK’s position as centre of global finance

    • 24 March 2015
    • News story