The Chancellor of the Exchequer is a political office in the United Kingdom . The Chancellor of the Exchequer , sometimes shortened to The Chancellor , is responsible for Britain 's money and economy . In the 18th and early 19th centuries it was common for the Prime Minister to also serve as Chancellor of the Exchequer if he sat in the Commons ; the last Chancellor who was simultaneously Prime Minister & Chancellor of the Exchequer was Stanley Baldwin in 1923 .