In July 1960 Macmillan moved Lloyd to the job of Chancellor of the Exchequer. He was Macmillan's third chancellor and asked for, and was given, an assurance that he would remain in place until the next General Election. Lloyd was permitted to remain at Chequers and was also allowed to keep 1, Carlton Gardens, normally the Foreign Secretary's London residence (the chancellor's usual London residence of 11 Downing Street was not available, as Downing Street was being reconstructed at the time, requiring Macmillan to live at Admiralty House for most of his premiership).