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,
First Lord of the Admiralty Lord High Admiral. The Board of the Admiralty comprised a number of “Lords Commissioners” headed by a First Lord. From the early 1800s the post was always held by a civilian (previously flag officers of the Royal Navy also held the post). In 1832 First Lord Sir James Graham instituted reforms and amalgamated the Board of Admiralty and the Navy Board. By the provisions of the Admiralty Act of 1832, two Lords in committee could legalize any action of the Board. In 1868 Prime Minister, William Gladstone appointed Hugh Childers First Lord, who would introduce a new system at the