It's an odd job with an odd title. When the G7 meet there is only one chancellor of the exchequer in the room - other countries make do somehow with a finance minister or a secretary of the treasury - so a nod towards history is plainly needed by way of explanation. It seems that the present definition of the office was established through a process long characterised by ambiguity as well as ambition, with a premium on stealth as well as wealth.

LRB 1 April 2004 | PDF Download