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,
Royal Commission on the Amalgamation of the City and County of London rateable value was one eighth of that of the whole of London. The resulting council would have 122 councillors, with a proportionate increase in the number of aldermen from 19 to 20. The post of Lord Mayor of London would be retained, and would not be restricted to the City alderman. Instead the council would have the power to elect any citizen of London as lord mayor, who would be titular chairman of the council. All ceremonies surrounding the mayoralty, and all rights and privileges were to be continued. The lord mayor was to be a justice of the peace,