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 Admiralty as the "assistants" of the First Lord, and by specifically defining their duties, this had, in fact, partially disabled the collective power of the Board. In 1931, for the first time since 1709, the First Lord was not a member of the cabinet. In 1964, the office of First Lord of the Admiralty was abolished, the last holder being the second Earl Jellicoe, the son of Admiral of the Fleet Earl Jellicoe, and the functions of the Sea Lords were then transferred to the Admiralty Board, which forms part of the tri-service Defence Council of the United Kingdom. "Between