George Osborne, Chancellor of the Exchequer
It is fairly unusual to have the presence of mind to change your own name in your teens. But the Chancellor decided life might be a bit less complicated if he were to be known as George instead of Gideon. Perhaps it made becoming a career politician that bit easier, too. Osborne dabbled in journalism after university but soon accepted a job at Conservative HQ, in his early twenties. Now, just a decade after entering parliament, he finds himself to be one of the most powerful people in the country.
Osborne has made some big changes to the way in which the Treasury is run, stripping away its power to make its own economic forecasts and creating instead the Office for Budget Responsibility. He has also started setting the dates of significant economic statements well in advance. This sounds trivial, but the power to keep Whitehall and Westminster guessing was sometimes wielded as a weapon by previous occupants of the job.
Osborne’s stewardship of the Treasury has, so far, transformed his own political profile. Before the election, many in his own party doubted his capacity for the role. He was often caricatured wearing short trousers, portrayed as far too inexperienced to look after the economy. Backbenchers whispered that if he weren’t a friend of David Cameron’s, he would have been shuffled into something less demanding. The City doubted his credentials. But, 18 months in, he has won plaudits in many corners. His prize achievement: record low-borrowing costs for Britain while economic chaos reigns in other countries in Europe. According to some, he has also found popularity at the Treasury, spending hours signing personal Christmas cards to staff.
But to look only at how he runs the Treasury would be to miss a trick. George Osborne is political to his fingertips, and while he would hate the comparison with Gordon Brown, the parallels are there to the happier days of the early New Labour years. He is about as close to David Cameron as any colleague could be. When David Cameron is not around, it is Osborne who chairs the Number 10 morning meetings, not Nick Clegg. Indeed, he is just as often to be found in Downing Street as around the corner in the Treasury.
Osborne was also the mind behind the Conservative general election campaign (which some of his critics believe was part of the problem). As he has grown in stature, his reach has extended across Westminster, with former members of his tight-knit team moving into government, expanding his influence. His improving prospects have led to talk of his potential to lead his party when his friend and boss decides he has had enough, or when the party has had enough of him. But Osborne’s own success is intertwined with the recovery – or not – of the economy. And that is a call it is just too early to take.
Danny Alexander, Chief Secretary to the Treasury
Watching Danny Alexander in office, it sometimes appears that he can hardly believe his luck. Being the second most powerful minister in the Treasury was certainly not part of his career plan a few years ago. The Scottish europhile, formerly Nick Clegg’s chief of staff, was visibly delighted to have been made Scottish Secretary after the general election. On the day the Cabinet was announced, he was the only one to stand on the steps of Number 10 and wave for the cameras, more like a visitor there for a special occasion than a minister arriving for the important work of the day. His joy at being in government, moving quickly to the Treasury after David Laws had to resign, seems to have lasted. Even as he contemplates some of the hardest problems, like confronting the unions over public sector pensions, his enthusiasm for the job is plain. But cynics might suggest that it suits George Osborne very well for the Liberal Democrat to be the one so often out there in the public eye, driving through cuts and defending the decisions of the day.
