What is the role of Chancellor of the Exchequer?

The Chancellor of the Exchequer is responsible for all economic and financial matters. He or she is the second most powerful person after the Prime Minister.
The minister who is in charge of finance, the treasury, taxes and government spending. Usually considered second-in-command of the British Government, and always an MP. The current Chancellor is George Osborne, a Conservative MP.

The full title is: The Right Hon. Chancellor of the Exchequer PC MP