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.
Utilize the input text as a context reference, choose the right relationship between 'George Osborne' and 'Chancellor of the Exchequer' from the options.
Options: position held, owned by, original broadcaster, creator