Chancellors of the Exchequer Flashcards
What is the primary role of the Chancellor of the Exchequer?
To oversee the economic and financial matters of the government.
True or False: The Chancellor of the Exchequer is a member of the Cabinet.
True
Fill in the blank: The Chancellor of the Exchequer is responsible for the __________.
Treasury
Who was the first Chancellor of the Exchequer?
Sir Robert Walpole
What year was the position of Chancellor of the Exchequer first established?
1694
Multiple Choice: Which of the following is a key responsibility of the Chancellor of the Exchequer? A) Defense policy B) Economic policy C) Education policy
B) Economic policy
Name one significant budget that a Chancellor of the Exchequer is responsible for presenting.
The annual budget
True or False: The Chancellor of the Exchequer manages public spending.
True
What is the official residence of the Chancellor of the Exchequer?
11 Downing Street
Who is the current Chancellor of the Exchequer as of October 2023?
Jeremy Hunt
Fill in the blank: The Chancellor of the Exchequer is responsible for setting __________.
tax rates
What is the name of the report that the Chancellor presents to Parliament?
The Budget Report
Multiple Choice: In which political party is the Chancellor of the Exchequer usually affiliated? A) Labour B) Conservative C) Liberal Democrats
B) Conservative
True or False: The Chancellor of the Exchequer can influence monetary policy.
True
What is one of the key tools used by the Chancellor to manage the economy?
Fiscal policy
Who appoints the Chancellor of the Exchequer?
The Prime Minister
Fill in the blank: The Chancellor of the Exchequer is responsible for the management of __________.
public finances
What is the term used for the financial plan presented by the Chancellor?
The Budget
Name one major challenge that Chancellors of the Exchequer face.
Economic recession
Multiple Choice: Which of the following is NOT a responsibility of the Chancellor? A) Setting interest rates B) Collecting taxes C) Managing public debt
A) Setting interest rates
What is the name of the department that the Chancellor oversees?
HM Treasury
Fill in the blank: The Chancellor’s decisions can impact __________ across the country.
economic growth
Who was Chancellor of the Exchequer during the 2008 financial crisis?
Alistair Darling
True or False: The Chancellor is responsible for public sector wages.
True
What is a ‘spending review’ in relation to the Chancellor of the Exchequer?
A process to allocate government spending for a set period.
Multiple Choice: Which Chancellor was known for introducing the ‘New Deal’ in the UK? A) Gordon Brown B) George Osborne C) Rishi Sunak
A) Gordon Brown
What is the main aim of the fiscal policies implemented by the Chancellor?
To manage the economy and promote growth.
Fill in the blank: The Chancellor often faces scrutiny from the __________.
Opposition party
True or False: The Chancellor of the Exchequer has the ability to influence the Bank of England’s policies.
True
What is the significance of the Autumn Statement?
It provides an update on the economy and government spending plans.
Who was the first female Chancellor of the Exchequer?
N/A (as of October 2023, there has been no female Chancellor)
Multiple Choice: Which Chancellor introduced the ‘austerity measures’ in the UK? A) Alistair Darling B) George Osborne C) Rishi Sunak
B) George Osborne
What economic indicator is a Chancellor likely to monitor closely?
GDP growth
Fill in the blank: The Chancellor is often seen as the __________ person in the government.
most powerful
What is the term for the official predictions of government revenues and expenditures?
Economic forecasts
Who succeeded George Osborne as Chancellor of the Exchequer?
Philip Hammond
Multiple Choice: Which Chancellor was in office during Brexit negotiations? A) Philip Hammond B) Sajid Javid C) Rishi Sunak
A) Philip Hammond
Fill in the blank: The Chancellor’s office is often referred to as __________.
the Treasury
What is the term for the tax levied on income in the UK?
Income tax
Who is responsible for the UK’s public borrowing?
The Chancellor of the Exchequer
Multiple Choice: Which Chancellor introduced the ‘Help to Buy’ scheme? A) Alistair Darling B) George Osborne C) Rishi Sunak
B) George Osborne
What is the role of the Chief Secretary to the Treasury?
To assist the Chancellor in managing the Treasury.
Fill in the blank: The Chancellor often presents the Budget in __________.
March
True or False: The Chancellor of the Exchequer is responsible for pension policies.
True
What is the significance of the Red Book?
It contains detailed information about the Budget and economic forecasts.
Who was the Chancellor of the Exchequer during the COVID-19 pandemic?
Rishi Sunak
Multiple Choice: Which Chancellor is known for the phrase ‘We’re all in this together’? A) Gordon Brown B) Alistair Darling C) George Osborne
C) George Osborne
Fill in the blank: The Chancellor is expected to promote __________ growth.
sustainable
