 It previously controlled monetary policy as well until 1997, when the Bank of England was granted independent control of its interest rates.The holder of the office of Chancellor of the Exchequer is "ex officio" Second Lord of the Treasury as a member of the commission exercising the ancient office of Lord High Treasurer.As the Second Lord, his official residence is 11 Downing Street in London, next door to the residence of the First Lord of the Treasury (a title that has for many years been held by the prime minister), who resides in 10 Downing Street.