What does the Chancellor of the Exchequer do?

Kwasi Kwarteng delivers his first mini-budget as chancellor

The new chancellor, Kwasi Kwarteng, is in charge of public finances (Image: Chris J. Ratcliffe/Bloomberg via Getty Images)

Things have changed quickly in the Conservative Party, specifically the holder of the position of Chancellor of the Exchequer.

Rishi Sunak resigned from office before taking over as new Prime Minister Liz Truss in the Tory leadership contest, with MP Nadhim Zahawi briefly stepping into the role.

When Ms. Truss took over Number 10, she appointed then-Business and Energy Minister Kwasi Kwarteng as chancellor – and Mr. Kwarteng quickly made his first “mini-budget” statement on September 23.

Kwasi is now in charge of government and will be responsible for setting the budget each year.

But what exactly does the Chancellor’s job entail?

What does the Chancellor of the Exchequer do?

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

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In short, the government website describes her as “the government’s chief finance minister and as such 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 such as the cost of living and Covid, something we have seen a lot with Mr Kwarteng’s predecessor Mr Sunak.

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.

We’ve already seen Mr Kwarteng deliver a stamp duty holiday, pledge a slew of income tax cuts for April 2023 and confirm a two-year freeze on the rising energy price cap previously announced by PM Truss.

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

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.

MORE: Who is Kwasi Kwarteng? Insights into the career path and family life of the Chancellor

MORE : Pound falls even further after mini-budget sets another 37-year low

MORE: Social Security rise will be reversed within weeks, Chancellor confirms

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Justin Scacco

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