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The Chancellor of the Exchequer
The office of Chancellor of the Exchequer dates from about the 13th century. In the mediaeval Exchequer there was both a Treasurer and a Chancellor (the King’s Chancellor). The Treasurer was responsible for superintending every department while the Chancellor acted as a check upon the accounts of the Treasurer. Over the years, the Treasurer and the Chancellor delegated more of their duties to, respectively, the Under Treasurer of the Exchequer and the Chancellor’s clerk.
In the reign of Henry III, the Chancellor’s Clerk became an officer of the court as the Chancellor of the Exchequer. Under Elizabeth 1, the office of Under Treasurer was joined to that of Chancellor of the Exchequer though it wasn’t until the eighteenth century, when the Chancellor of the Exchequer became the second Lord Commissioner of the Treasury, and the Prime Minister became the first Lord of the Treasury, that the office assumed something like its modern form.
The role of Chancellor of the Exchequer is generally considered to be one of the highest cabinet positions. Many past Chancellors have been in the post whilst governing, or gone on to be Prime Minister after leaving the post.
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