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 to his premiership in the usual way for premiers from the peerage. However when Sir Robert Peel returned to office for his non-consecutive second term he elected to be First Lord of Treasury, a title he had naturally assumed in his first ministry wherein he had also served as Chancellor. But despite being a Member of Parliament, this time Peel did not assume the chancellorship. Thus the Chancellor, Henry Goulburn, became the first Chancellor to be Second Lord of the Treasury whilst the First Lord was also in the Commons. From that point onwards, the Second Lordship was excepting where