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 Treasury individual. Since 1714, it has permanently been in commission. The commissioners have always since that date been referred to as Lords Commissioners of the Treasury, and adopted ordinal numbers to describe their seniority. Eventually in the middle of the same century, the First Lord of the Treasury came to be seen as the natural head of the overall ministry running the country, and, as of the time of Robert Walpole (Whig), began to be known, unofficially, as the Prime Minister. The term Prime Minister was initially, but decreasingly, used as a term of derogation: it was first used officially in