What is the main responsibility of the Chancellor of the Exchequer?

The main responsibility of the Chancellor of the Exchequer is managing government finances. This role involves overseeing the Treasury and is crucial for shaping the economic strategy of the government. The Chancellor is responsible for preparing the budget, setting taxation levels, and making financial decisions that impact both the public sector and the economy as a whole.

This position is instrumental in formulating policies that affect public spending and economic growth, making it essential for fiscal management and economic stability. The Chancellor also engages with various economic issues, such as inflation, national debt, and public expenditure, ensuring that the government's financial practices align with its broader economic objectives. Managing finances encompasses everything from public sector funding to tax policy and overall financial governance of the country.