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,
Financial Secretary to the Treasury of Financial Secretary to the Treasury is often considered an important stepping stone in a politician's career; the four of previous five holders of the office have gone on to hold Cabinet-level positions. Notable former Financial Secretaries to the Treasury include Lord Frederick Cavendish, Austen Chamberlain, Stanley Baldwin, Enoch Powell, Nigel Lawson, and Norman Lamont. The current responsibilities of the Financial Secretary to the Treasury include Departmental responsibility for the Office for National Statistics, and the Royal Mint. The Financial Secretary to the Treasury had Departmental responsibility for HM Customs & Excise until the merger with the Inland Revenue to