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 the Prime Minister has also served contemporaneously as Chancellor, permanently linked with the Chancellorship of the Exchequer. Since the evolution of the position, the Prime Minister has also served as First Lord of the Treasury in all but two cases. The initial linkage of the two offices is not surprising, since at the formation of the office the First Lord of the Treasury did indeed take part in running the Treasury, and as First Lord was the most senior person so tasked. Since control of money usually granted most power, it isn't surprising that such a person would head the