Chancellor of the Exchequer Chancellor of the Exchequer The Chancellor and Under-Treasurer of Her Majesty's Exchequer, commonly known as the Chancellor of the Exchequer, or simply the Chancellor, is a senior official within the Government of the United Kingdom and head of Her Majesty's Treasury. The office is a British Cabinet-level position. The chancellor is responsible for all economic and financial matters, equivalent to the role of finance minister in other nations. The position is considered one of the four Great Offices of State, and in recent times has come to be the most powerful office in British politics after the prime minister. The
Great Offices of State as Prime Minister, Home Secretary and Foreign Secretary in the Wellington caretaker ministry. Owing to the political constitution of the United Kingdom, in which the House of Commons retains most of the power, it is accepted that it is no longer practical for holders of the Great Offices of State to be members of the House of Lords. The House of Lords has traditionally been restrained in the passage of financial bills, meaning that the office of Chancellor is effectively limited to the House of Commons. The last holders of the other positions to have been peers were: It is