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,
George Ponsonby (Junior Lord of the Treasury) being elevated to the peerage as 1st Baron Ponsonby of Imokilly, but a general election quickly followed when he was replaced in this seat by his younger brother Hon. Frederick Ponsonby. He subsequently served as for Cork County from 1806 to 1812; for Youghal in County Cork from 1826 to 1832; and was evidently also a member of the following Parliament. He lived at Woodbeding in Sussex. He married twice, having two sons (both of whom predeceased him) and a daughter. George Ponsonby (Junior Lord of the Treasury) George Ponsonby (1773 – 5 June 1863), styled The Honourable from 1806,