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Regulatory Enforcement and Sanctions Bill [HL]

It is the Lords Commissioners of the Treasury—the First Lord of the Treasury being the Prime Minister, the Second Lord being the Chancellor of the Exchequer and the other lords being Government Whips in the Commons. In practice, although it is of academic rather than practical interest, the powers of the Chancellor of the Exchequer are almost entirely the powers for the Lord Commissioner to the Treasury. His duties as Chancellor of the Court of the Exchequer are minimal, but his duties as the operative Lord Commissioner of the Treasury are very wide indeed, and they include any reference to the Treasury. That has been so for some centuries and that is really how it works.