Chancellor of the Exchequer (Tanaau)
| Chancellor of the Exchequer | |
|---|---|
Incumbent Vacant | |
| His Majesty's Treasury | |
| Style | The Right Honourable |
| Type | Minister of the Crown |
| Member of | Cabinet |
| Seat | Frosea |
| Nominator | Prime Minister |
| Appointer | Monarch |
| Term length | At His Majesty's Pleasure |
| Formation | 17 November 2023 |
| Deputy | Chief Secretary to the Treasury |
The Chancellor of the Exchequer, commonly referred to just as the Chancellor, is a senior Minister of the Crown in the Government of Tanaau. The office is head of His Majesty's Treasury. As one of the most senior ministers, they are a member of the Cabinet of Tanaau.
Responsible for all economic and financial matters in Tanaau, the role is equivalent to that of minister of finance in other countries.
The office holder works alongside the other treasury ministers in Tanaau, and the civil servants that staff the treasury.
The office is currently vacant.
History
The office of chancellor was established on 17 November 2023. After the three most senior cabinet offices (prime minister, deputy prime minister, and first secretary of state) the chancellery is the oldest cabinet office.
Roles and Responsibilities
The chancellor's role is primarily centred around the management of the Tanaauan economy and government monetary policy.
Fiscal Policy
The chancellor has significant influence over the other government departments as the chancellor controls government spending and the budget allocated to each department as well as expenditure limits. The amount of power this gives to an each chancellor depends on their personal forcefulness and charisma, their status within their political party and their relationship with the prime minister.
A key part of the chancellor's role involves the framing of the annual budget. The budget is revealed by the chancellor in a speech to parliament, but until it is revealed to parliament the budget remains a state secret.
Monetary Policy
While the Bank of Tanaau is responsible for setting interest rates, the chancellor also plays a significant role in the monetary policy structure. The chancellor sets inflation targets which the bank must set interest rates to meet. The chancellor also has a significant influence over the appointment of the bank's governor and deputy governors.
Ministerial Arrangements
At the treasury, the chancellor is supported a team of junior ministers and civil servants. The most important junior minister is the Chief Secretary to the Treasury, who negotiates with other ministers on terms of government spending on each department.
The chancellor is ex officio a member of the Privy Council and as a result is styled as "The Right Honourable". Because the House of Lords is constitutionally banned from proposing money bills, so the chancellor effectively can only exclusively be a member of the House of Commons.
Appointment
Like other ministers, the chancellor is appointed by and serves at the monarch's pleasure. They are conventionally appointed on the advice and nomination of the prime minister.