<p>Treasury is a place where the money collected is kept. Exchequer is the treasure itself. So, it is apt to say that exchequer is kept in a place called treasury.</p>

CC BY-SA 4.0
2021-01-16T07:59:31.123Z
2021-01-16T07:59:31.123Z
Faraz Nomani
<p>Collection of tax revenue in the UK is the responsibility of neither of those but of <a href="https://www.gov.uk/government/organisations/hm-revenue-customs" rel="nofollow noreferrer">HM Revenue &amp; Customs</a> which has the status of a non-ministerial department. </p>

<p><a href="https://www.gov.uk/government/organisations/hm-treasury" rel="nofollow noreferrer">HM Treasury</a> is the UK's economic and finance ministry. Its responsibilities include advice to ministers on taxation policy and government expenditure. Confusingly, perhaps, the most senior minister at HM Treasury is known as the Chancellor of the Exchequer.</p>

<p><a href="https://en.wikipedia.org/wiki/Exchequer" rel="nofollow noreferrer">HM Exchequer</a> is not a UK government department but a rather old-fashioned name for the Government's account into which is paid money from taxation and other sources and from which government expenditure is paid. The account is more commonly known as the <a href="https://en.wikipedia.org/wiki/Consolidated_Fund#The_British_Consolidated_Fund" rel="nofollow noreferrer">Consolidated Fund</a>. </p>

CC BY-SA 4.0
2020-02-28T03:17:03.840Z
So, HM Treasury (the British equivalent for the US Department of the Treasury) decides how to spend the money in HM Exchequer (which is just a fancy name for UK state budget), right?
Sergey Zolotarev
CC BY-SA 4.0
2020-02-28T13:28:18.603Z
@SergeyZolotarev Yes, although the really big spending decisions need approval by the [Cabinet](https://en.wikipedia.org/wiki/Cabinet_of_the_United_Kingdom), with HM Treasury providing advice, and some of the detailed decisions are taken by other government departments within budgets agreed with the Treasury.  Slightly nit-picking, perhaps, I would say HM Exchequer is an account, whereas the governmen's budget is a plan for raising and spending the money in that account.
Adam Bailey
CC BY-SA 4.0
2020-02-28T22:55:39.323Z
So HM Treasury doesn't decide anything, just provides advice, does it?
Sergey Zolotarev
CC BY-SA 4.0
2020-02-28T23:48:51.850Z
@SergeyZolotarev HM Treasury does take decisions, it's just that some decisions, because of their importance or nature, are taken elsewhere.  And note also that it does much else that primarily is neither advice nor decision-making, eg implementing economic and financial policies, and ensuring that other government departments keep within their budgets.
Adam Bailey
CC BY-SA 4.0
2020-02-28T00:03:32.390Z
2020-02-28T13:32:40.740Z
2020-02-28T13:32:40.740Z
Adam Bailey
<p>Both terms refer to collecting tax revenue, right? What's the difference then? I hoped the relevant Wiki pages would help but they didn't.</p>

<taxation><united-kingdom>
What is the difference between HM Treasury and HM Exchequer?
Sergey Zolotarev
# What is the difference between HM Treasury and HM Exchequer?

(Asked by: username_0 on 2020-02-27)

Both terms refer to collecting tax revenue, right? What's the difference then? I hoped the relevant Wiki pages would help but they didn't.

**Tags:** taxation, united-kingdom

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## 2 answers

### Answer by username_2 on 2020-02-28. Score: 5 | Accepted answer

Collection of tax revenue in the UK is the responsibility of neither of those but of [HM Revenue & Customs](https://www.gov.uk/government/organisations/hm-revenue-customs) which has the status of a non-ministerial department.

[HM Treasury](https://www.gov.uk/government/organisations/hm-treasury) is the UK's economic and finance ministry. Its responsibilities include advice to ministers on taxation policy and government expenditure. Confusingly, perhaps, the most senior minister at HM Treasury is known as the Chancellor of the Exchequer.

[HM Exchequer](https://en.wikipedia.org/wiki/Exchequer) is not a UK government department but a rather old-fashioned name for the Government's account into which is paid money from taxation and other sources and from which government expenditure is paid. The account is more commonly known as the [Consolidated Fund](https://en.wikipedia.org/wiki/Consolidated_Fund#The_British_Consolidated_Fund).

> **Comments:**
> **username_0**: So, HM Treasury (the British equivalent for the US Department of the Treasury) decides how to spend the money in HM Exchequer (which is just a fancy name for UK state budget), right?  
> **username_2**: @SergeyZolotarev Yes, although the really big spending decisions need approval by the [Cabinet](https://en.wikipedia.org/wiki/Cabinet_of_the_United_Kingdom), with HM Treasury providing advice, and some of the detailed decisions are taken by other government departments within budgets agreed with the Treasury.  Slightly nit-picking, perhaps, I would say HM Exchequer is an account, whereas the governmen's budget is a plan for raising and spending the money in that account.  
> **username_0**: So HM Treasury doesn't decide anything, just provides advice, does it?  
> **username_2**: @SergeyZolotarev HM Treasury does take decisions, it's just that some decisions, because of their importance or nature, are taken elsewhere.  And note also that it does much else that primarily is neither advice nor decision-making, eg implementing economic and financial policies, and ensuring that other government departments keep within their budgets.  

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### Answer by username_1 on 2021-01-16. Score: -2

Treasury is a place where the money collected is kept. Exchequer is the treasure itself. So, it is apt to say that exchequer is kept in a place called treasury.


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