chancellor of the Exchequer

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chancellor of the Exchequer. This office is held by the head of the Treasury. The critical changes were embodied in resolutions passed by the House of Commons in 1706 and 1713 that it would only consider proposals for public expenditure which came from the crown, endowing the executive with the sole authority to instigate financial initiatives. Together these decisions placed the Treasury under control of Parliament with its minister as a politician rather than an administrator. The subsequent growth of public expenditure and taxation, and the enhanced economic responsibilities assumed by government in the 20th cent., greatly increased the importance of the office.

Clive H. Lee

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