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The current Chancellor of the Exchequer is Alistair Darling who holds one of the most important posts in the British government and is second only to the Prime Minister. His department is called the Treasury and is involved with the British economy. Other government departments, notably the DTI, the Department of Trade and Industry help the Chancellor to manage the cconomy. The Chancellor of the Exchequer lives at No 11 Downing Street which is right next door to the Prime Minister at No 10 Downing Street. Even under Conservative governments the Chancellor of the Exchequer had this important position close to the Prime Minister. Managing the economy is important and laissez faire economics just doesn't work out.