It ranks at Parliamentary Secretary level and the holder does not attend Cabinet.

The first Exchequer Secretary was Phillip Oppenheim,[1] who held the post from 23 July 1996 to 2 May 1997, when he lost his seat in the general election that brought Tony Blair to power.

After a period of abeyance, the office was reinstated upon Gordon Brown's accession as Prime Minister in June 2007, when Angela Eagle was appointed Exchequer Secretary.

The office again fell out of use in July 2016 when Theresa May became Prime Minister, before she reinstated it following the 2017 general election.

HM Treasury Responsibility for procurement policy and the former Office of Government Commerce was transferred to the Cabinet Office in 2011.