What does the Chancellor of the Exchequer do?

Jeremy Hunt at Downing Street

Jeremy Hunt is currently the UK Chancellor of the Exchequer, the fourth person to hold the post this year. (Image: Dan Kitwood/Getty Images)

When he took office, the new prime minister, Rishi Sunak, was put in charge of appointing his cabinet – during which time he reiterated this Jeremy Hunt, Chancellor of the Exchequer by Liz Truss.

Mr Hunt, who is in charge of public finances, will present his autumn statement today (17 November), which could include both tax hikes and spending cuts in what the Chancellor has described as “decisions of breathtaking difficulty”.

While no small feat in the best of times, it’s a particularly challenging task with recent economic woes and the rising cost of living taking a toll on Brits’ bank accounts.

So what exactly is the Chancellor’s job?

What does the Chancellor of the Exchequer do?

The Chancellor of the Exchequer – often abbreviated to “Chancellor” – is a senior government position.

Jeremy Hunt leaves number 10

Mr Hunt is responsible for overseeing the Treasury Department (Image: Leon Neal/Getty)

In short, the The government website explains that the Chancellor is “responsible for raising revenue through taxation or borrowing and for controlling public spending.

“He has overall responsibility for the Treasury Department’s work.”

Key priorities include setting the annual budget, managing tax increases and cuts, and setting inflation targets.

The Chancellors are also leading the Treasury Department’s response to crises like the cost of living and Covid-19, something we’ve seen Mr Hunt’s predecessor, Mr Sunak, do some.

In addition to the budget, Mr Sunak has created the furlough scheme aimed at preventing the loss of millions of jobs during lockdown – as well as the ‘Eat Out To Help Out’ scheme.

Most recently, we saw Mr Kwarteng deliver a stamp duty holiday, pledge a series of income tax cuts for April 2023 (which were later reversed) and confirm a two-year freeze on the rising energy price cap (which will now end in April). 2023).

Mr Kwarteng also spoke about the creation of “low tax investment zones” in parts of England including Tees Valley, Derbyshire and Essex, among other parts of the UK.

Mr Hunt will set out the government’s new budget priorities in the forthcoming autumn statement.

The Chancellor also holds the title of Second Lord of the Treasury – a ministerial role – with the First Lord of the Treasury being the Prime Minister.

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Who was chancellor?

Many other famous politicians have held the role of Chancellor in the past, and some former Chancellors later became Prime Ministers.

In the 20th century, Winston Churchill, Neville Chamberlain, Hugh Gaitskell, Harold Macmillan, James Callaghan, John Major and Kenneth Clarke were just some of the notable politicians to hold this office.

Since 1997, Gordon Brown, Alistair Darling, George Osborne, Philip Hammond, Sajid Javid, Rishi Sunak, Nadhim Zahawi and Kwasi Kwarteng have presided over Mr. Hunt.

MORE: Who is Chancellor Jeremy Hunt? age, family and professional background

MORE : Jeremy Hunt will end energy price cap freeze in six months – creating additional uncertainty for millions of households

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https://metro.co.uk/2022/11/17/what-does-the-chancellor-of-the-exchequer-do-2-17755044/ What does the Chancellor of the Exchequer do?

Justin Scacco

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