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 most exceptional that a holder of a Great Office of State should not hold a seat in Parliament at all, neither in the Commons nor in the Lords. It occurred briefly in 1963, when Alec Douglas-Home was appointed Prime Minister: he disclaimed his peerage on 23 October, and was not returned to the Commons until a by-election on 7 November. More substantially, Patrick Gordon Walker was appointed Foreign Secretary in 1964 despite not holding a Parliamentary seat, having been defeated in his Smethwick constituency seat in the 1964 general election; he held the post for three months until his resignation