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42-637: Sir Rod Eddington was commissioned by both the Chancellor of the Exchequer and the Secretary of State for Transport , in line with the government's stated commitment to sustainable development, to study the long-term reliance of and the UK's economic productivity, growth and stability on transport. The study was announced in the 2005 Budget . The report of the study was published on 1 December 2006 to support

84-549: A federal country . In these cases their powers may be substantially limited by superior legislative or fiscal policy, notably the control of taxation, spending, currency, inter-bank interest rates and the money supply . The powers of a finance minister vary between governments. In the United States , the finance minister is called the " Secretary of the Treasury ", though there is a separate and subordinate Treasurer of

126-493: 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 dominant figure and the longest-serving chancellor since the Reform Act of 1832. This has strengthened a pre-existing trend towards the chancellor occupying a clear second position among government ministers, elevated above their traditional peers,

168-699: A large variety of names around the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom , " Chancellor of the Exchequer ". The duties of a finance minister differ between countries. Typically, they encompass one or more of government finances, economic policy and/or financial regulation, but there are significant differences between countries: Finance ministers are also often found in governments of federated states or provinces of

210-455: A political team of four junior ministers and by permanent civil servants . The most important junior minister is the chief secretary to the Treasury , a member of the Cabinet, to whom the negotiations with other government departments on the details of government spending are delegated, followed by the paymaster general , the financial secretary to the Treasury and the economic secretary to

252-484: Is an economic case for more runway capacity. It also mentions that the report notes that due to falling passenger numbers, there is a case for improving the bus market outside London by strengthening competition. Friends of the Earth were reported to have criticised the report's support for airport expansion, and to have supported its stance that large-scale road-building was not a solution. BBC News also reported that

294-440: Is his duty to distribute as fairly as he can." The chancellor has considerable control over other departments as it is the Treasury that sets Departmental Expenditure Limits. The amount of power this gives to an individual chancellor depends on their personal forcefulness, their status within their party and their relationship with the prime minister. Gordon Brown , who became chancellor when Labour came into Government in 1997, had

336-517: Is now always second lord of the Treasury as one of at least six lords commissioners of the Treasury , responsible for executing the office of the Treasurer of the Exchequer  – the others are the prime minister and Commons government whips. In the 18th and early 19th centuries, it was common for the prime minister also to serve as Chancellor of the Exchequer if he sat in the Commons;

378-556: The Bank of England was granted independent control of its interest rates. Since 1718, all chancellors of the exchequer, except at times the lord chief justice as interim holders, have been members of the House of Commons , with Lord Stanhope being the last chancellor from the House of Lords . The office holder works alongside the other Treasury ministers and the permanent secretary to

420-407: The House of Commons . The budget is a state secret until the chancellor reveals it in the speech given to Parliament. Hugh Dalton , on his way to giving the budget speech in 1947, inadvertently blurted out key details to a newspaper reporter, and they appeared in print before he made his speech. Dalton was forced to resign. Although the Bank of England is responsible for setting interest rates,

462-538: The RAC Foundation , the road safety and environmental charity founded from the RAC research arm, prior to the de-merger of RAC plc , believe that motorists may be persuaded to support road-pricing if they were convinced of the benefit, and if other motoring taxes were reduced to compensate them, given that "nine out of 10 people don't trust the government to deliver a fair system of road pricing". Transport 2000 ,

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504-478: The foreign secretary and home secretary . One part of the chancellor's key roles involves the framing of the annual year budget . As of 2017, the first is the Autumn Budget , also known as Budget Day which forecasts government spending in the next financial year and also announces new financial measures. The second is a Spring Statement , also known as a "mini-Budget". Britain's tax year has retained

546-567: The lord chief justice of the King's Bench has acted as interim Chancellor. The last peer to hold the office was Henry Booth, 2nd Baron Delamer (created Earl of Warrington shortly after leaving office) from 9 April 1689 to 18 March 1690. The chancellor holds the formerly independent office of Master of the Mint as a subsidiary office. The chancellor of the Exchequer has no official London residence as such but since 1828 in their role as Second Lord of

588-437: The public transport advocacy group founded by railway unions in the 1970s, are reported to have said that revenue from road-pricing should be used to improve public transport, particularly the railway network, and not used for road-building. The Freight Transport Association claimed that the protection of freight flows needs to be given priority and cannot wait for the introduction of road-pricing. Chancellor of

630-669: The 1990s) have also worn it when attending the Trial of the Pyx as Master of the Mint. According to George Osborne, the robe (dating from Gladstone's time in office, and worn by the likes of Lloyd George and Churchill ) 'went missing' during Gordon Brown's time as chancellor. Although the Kingdoms of Great Britain and Ireland had been united by the Acts of Union 1800 , the Exchequers of

672-564: The 2006 Pre-Budget Report . A production of the New Labour era. An analysis in The Times says that the study concludes that the UK's transport network is broadly adequate, connecting the right places, so the government does not need to worry about building new infrastructure such as high-speed rail links and cross-country motorways, but should instead concentrate on improving existing road and rail networks. That there are key points in

714-509: The Bank's Governor and Deputy Governors, and has the right of consultation over the appointment of the two remaining MPC members from within the Bank. The Act also provides that the Government has the power to give instructions to the Bank on interest rates for a limited period in extreme circumstances. This power has never been officially used. At HM Treasury the chancellor is supported by

756-571: The Exchequer Rachel Reeves Foreign Secretary David Lammy Home Secretary Yvette Cooper Finance minister A ministry of finance is a ministry or other government agency in charge of government finance , fiscal policy , and financial regulation . It is headed by a finance minister , an executive or cabinet position . A ministry of finance's portfolio has

798-752: The Exchequer The chancellor of the exchequer , often abbreviated to chancellor , is a senior minister of the Crown within the Government of the United Kingdom , and head of Treasury . As one of the four Great Offices of State , the chancellor is a high-ranking member of the British Cabinet . Responsible for all economic and financial matters, the role is equivalent to that of a finance minister in other countries. The chancellor

840-611: The Prime Minister's seniority and superior responsibility over the Treasury . In Australia , the senior minister is the Treasurer , although there is a Minister for Finance who is more junior and, as of 2018 , heads a separate portfolio of Finance and the Public Service. Finance ministers can be unpopular if they must raise taxes or cut spending . Finance ministers whose key decisions had directly benefited both

882-607: The Treasury is not a minister but the senior civil servant in the Treasury. The chancellor is obliged to be a member of the Privy Council , and thus is styled the Right Honourable (Rt. Hon.). Because the House of Lords is excluded from financial matters by tradition confirmed by the Parliament Acts , the office is effectively limited to members of the House of Commons; apart from the occasions when

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924-568: The Treasury . The corresponding shadow minister is the shadow chancellor of the Exchequer , and the chancellor is also scrutinised by the Liberal Democrat Treasury spokesperson and the Treasury Select Committee . The current chancellor is Rachel Reeves . 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

966-555: The Treasury . Whilst not continuously in use, there can also be appointed a commercial secretary to the Treasury and an exchequer secretary to the Treasury . Two other officials are given the title of a secretary to the Treasury , although neither is a government minister in the Treasury: the parliamentary secretary to the Treasury is the Government Chief Whip in the House of Commons ; the permanent secretary to

1008-470: The Treasury they live in the second lord's official residence, No. 11 Downing Street . In 1997, the then first and second Lords, Tony Blair and Gordon Brown respectively, swapped apartments, as the chancellor's larger apartment in No. 11 better accommodated Blair's substantial family (besides himself and his wife, he had three children under 18 upon taking office, and a fourth was born in 2000); meanwhile, Brown

1050-509: The UK's economic competitiveness. It says that by 2025, road-pricing could deliver economic benefits worth £ 28 billion per year by halving congestion. It also notes the report's warning of the "very significant risks and uncertainties involved in delivering a pricing policy" particularly related to the required technology. This article also states that the air transport industry needs to become sustainable, possibly by requiring air passengers to pay their "full environmental costs", and that there

1092-660: The United States , and it is the director of the Office of Management and Budget who drafts the budget . In the United Kingdom , the equivalent of the finance minister is the Chancellor of the Exchequer . Due to a quirk of history, the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury . This signals

1134-554: The ancient office of treasurer of the exchequer . As second lord, her 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, today they serve as interlinked offices, with the occupant living in an apartment made from attic rooms previously resided in by servants. Since 1827,

1176-401: The box, containing the budget speech, to the press before leaving 11 Downing Street for the House of Commons. The original budget box was first used by William Ewart Gladstone in 1853 and continued in use until 1965 when James Callaghan was the first chancellor to break with tradition when he used a newer box. Prior to Gladstone, a generic red despatch box of varying design and specification

1218-407: The chancellor also plays an important part in the monetary policy structure. They set the inflation target which the Bank must set interest rates to meet. Under the Bank of England Act 1998 the chancellor has the power of appointment of four out of nine members of the Bank's Monetary Policy Committee – the so-called 'external' members. They also have a high level of influence over the appointment of

1260-424: The chancellor has always simultaneously held the office of second lord of the Treasury when that person has not also been the prime minister. A previous chancellor, Robert Lowe , described the office in the following terms in the House of Commons, on 11 April 1870: "The Chancellor of the Exchequer is a man whose duties make him more or less of a taxing machine. He is entrusted with a certain amount of misery which it

1302-427: The existing network at which pressure has to be eased. That parts of the network that are vital to economic success should receive investment and that congested and growing cities should be prioritised, as should inter-urban corridors and ports and airports. Their full cost to the environment, including their contribution to climate change, should be paid by all modes of transport. It states also that Sir Rod supports

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1344-484: The gradual introduction of road pricing when there is political support for it, and that reformation of the planning system is required to speed up the building of infrastructure projects. Another article in The Times focusses on the support given in the report for road-pricing, stating that the report suggests it as an alternative to a massive road-building programme to relieve increasing congestion that would damage

1386-517: The last Chancellor who was simultaneously prime minister and Chancellor of the Exchequer was Stanley Baldwin in 1923. Formerly, in cases when the chancellorship was vacant, the lord chief justice of the King's Bench would act as chancellor pro tempore . The last lord chief justice to serve in this way was Lord Denman in 1834. The chancellor is the third-oldest major state office in English and British history, and in recent times has come to be

1428-685: The most powerful office in British politics after the prime minister. It originally carried responsibility for the Exchequer , the medieval English institution for the collection and auditing of royal revenues. The earliest surviving records which are the results of the exchequer's audit date from 1129 to 1130 under King Henry I and show continuity from previous years. The chancellor has oversight of fiscal policy , therefore of taxation and public spending across government departments . It previously controlled monetary policy as well until 1997, when

1470-533: The new box is made of yellow pine, with a brass handle and lock, covered in scarlet leather and embossed with the Royal cypher and crest and the chancellor's title. In his first Budget , in March 2008, Alistair Darling reverted to using the original budget box and his successor, George Osborne, continued this tradition for his first budget, before announcing that it would be retired due to its fragile condition. The key to

1512-519: The old Julian end of year: 24 March (Old Style) / 5 April (New Style, i.e. Gregorian). From 1993, the Budget was in spring, preceded by an annual autumn statement. This was then called Pre-Budget Report . The Autumn Statement usually took place in November or December. The 1997, 2001, 2002, 2003, 2006, 2007 , 2008 , 2012 and 2016 budgets were all delivered on a Wednesday, summarised in a speech to

1554-683: The original budget box has been lost. By tradition, the chancellor has been allowed to drink whatever they wish while making the annual budget speech to Parliament. This includes alcohol, which is otherwise banned under parliamentary rules. Previous chancellors have opted for whisky ( Kenneth Clarke ), gin and tonic ( Geoffrey Howe ), brandy and water ( Benjamin Disraeli and John Major ), spritzer ( Nigel Lawson ) and sherry and beaten egg ( William Gladstone ). The chancellors after Clarke, Philip Hammond , George Osborne , Alistair Darling and Gordon Brown , opted for water. In fact Darling drank what

1596-411: The then-chancellor, Alistair Darling . The chancellor traditionally carries his or her budget speech to the House of Commons in a particular red despatch box . The so-called ‘Budget Box’ is identical to the cases used by all other government ministers (known as ministerial boxes or "despatch boxes") to transport their official papers, but is better known because the chancellor traditionally displays

1638-532: The two Kingdoms were not consolidated until 1817 under the Consolidated Fund Act 1816 ( 56 Geo. 3 . c. 98). For the holders of the Irish office before this date, see Chancellor of the Exchequer of Ireland . Chancellorship Chancellorship Chancellorship Chancellorship Chancellorship Chancellorship Prime Minister Keir Starmer Chancellor of

1680-526: Was named "Standard Water" in reference to, and support of, the London Evening Standard newspaper's campaign to have plain tap water available in restaurants at no charge to customers. The chancellor, as Master of the Mint , has a robe of office, similar to that of the lord chancellor (as seen in several of the portraits depicted below). In recent times, it has only regularly been worn at coronations , but some chancellors (at least until

1722-419: Was then unmarried and had no children. Dorneywood is the summer residence that is traditionally made available to the chancellor, though it is the prime minister who ultimately decides who may use it. Gordon Brown , on becoming chancellor in 1997, refused to use it and the house, which is set in 215 acres (87 ha) of parkland, was allocated to Deputy Prime Minister John Prescott . In 2007, it reverted to

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1764-574: Was used. The practice is said to have begun in the late 16th century, when Queen Elizabeth I 's representative Francis Throckmorton presented the Spanish Ambassador, Bernardino de Mendoza , with a specially constructed red briefcase filled with black puddings . In July 1997, Gordon Brown became the second chancellor to use a new box for the Budget. Made by industrial trainees at Babcock Rosyth Defence Ltd ship and submarine dockyard in Fife,

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