Chancellor of the Exchequer of its interest rates. The chancellor also has oversight of public spending across Government departments. The holder of the office of Chancellor of the Exchequer is "ex officio" Second Lord of the Treasury as a member of the commission exercising the ancient office of Lord High Treasurer. As the Second Lord, his official residence is 11 Downing Street in London, next door to the residence of the First Lord of the Treasury (a title that has for many years been held by the prime minister), who resides in 10 Downing Street. While in the past both houses were private residences,
Lords Commissioners of the Treasury an office in commission, technically all Lords Commissioners of the Treasury are of equal rank, with their ordinal numbers connoting seniority rather than authority over their fellow Lords Commissioners. However from at least the reign of Queen Anne de facto power has rested with the top-numbered Lords. Currently, there are eight Lords Commissioners of the Treasury: Of all the Lords Commissioners of the Treasury, typically the only one who actually works in HM Treasury in reality is the Second Lord, as Chancellor of the Exchequer. Since the formation of the office of Prime Minister (including in the case of Sir