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. However these changes restricted communication between the board members who were affected by these new regulations, and the sittings of the Board were discontinued altogether. This situation described was further exacerbated by the disaster of in 1870, a poorly-designed new vessel for the navy. The responsibility and powers of the First Lord of the Admiralty were laid down by an Order in Council dated 14 January 1869, and a later Order (19 March 1872) made the First Lord responsible to the Sovereign and to Parliament for all the business of the Admiralty. However, by describing the Lords of the