Which of the following describes a major responsibility of the Chancellor of the Exchequer?

The Chancellor of the Exchequer is primarily responsible for overseeing the economic and financial matters of the government, which includes managing public spending and inflation. This role involves preparing the national budget, determining how much money the government receives from taxes, and allocating funds to various public services. By controlling public spending, the Chancellor plays a crucial role in ensuring economic stability and addressing inflation concerns. This responsibility directly impacts the economy, affecting everything from public services to the overall economic health of the country.

Other responsibilities, such as setting foreign policy, managing national security, or budgeting for local governments, fall under different departments or ministries within the government. Therefore, the role of the Chancellor is distinctly focused on economic matters, making the oversight of public spending and inflation a major aspect of their duties.