 Responsible for all economic and financial matters, the role is equivalent to that of a finance minister in other countries.The Chancellor is now always Second Lord of the Treasury as one of at least six Lords Commissioners of the Treasury, responsible for executing the office of the Lord High Treasurer — the others are the Prime Minister and Commons government whips.In the 18th and early 19th centuries, it was common for the prime minister also to serve as Chancellor of the Exchequer if he sat in the Commons; the last chancellor who was simultaneously prime minister and Chancellor of the Exchequer was Stanley Baldwin in 1923.