Britain will cut spending on welfare by £12 billion ($18.5 billion, 17 billion euros) in a fresh austerity drive, Chancellor of the Exchequer George Osborne announced Wednesday as he delivered the government's post-election budget.
In the context of the input sentence, determine the relationship between 'George Osborne' and 'Chancellor of the Exchequer'.
Options: position held, creator, owned by, original broadcaster