George Osborne served as Chancellor of the Exchequer from 2010 to 2016 in the Cameron–Clegg coalition and Cameron majority government. His tenure pursued austerity policies aimed at reducing the budget deficit and launched the Northern Powerhouse initiative. He had previously served as Shadow Chancellor of the Exchequer from 2005 to 2010. He was succeeded by Philip Hammond. At age 39, Osborne became the youngest Chancellor of the Exchequer since the appointment of Randolph Churchill over 120 years prior at age 37.
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