Chancellor of the Exchequer his duty to distribute as fairly as he can." The chancellor has considerable control over other departments as it is the Treasury which sets Departmental Expenditure Limits. The amount of power this gives to an individual chancellor depends on his personal forcefulness, his status within his party and his relationship with the prime minister. Gordon Brown, who became chancellor when Labour came into Government in 1997, had a large personal power base in the party. Perhaps as a result, Tony Blair chose to keep him in the same position throughout his ten years as prime minister; making Brown an unusually
Stop of the Exchequer long-term banking privileges including the issue of notes. The Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694. The Bank of England was founded 12 years after the Exchequer Stop - the actual consequence of the Exchequer Stop, at the time, was that banks such as Hoare's bank emerged - where the gold was physically kept on the premises rather than being entrusted to the government. Hoare's bank still exists to this day. Public finances were in so dire a condition at the time that the terms of the loan were that it was