The title is given at the gift of the leader of the Opposition and has no formal constitutional role, but is generally considered the second-most senior position, unless a shadow deputy prime minister is chosen, on the opposition frontbench, after the leader.

Past shadow chancellors include Harold Wilson, James Callaghan, Edward Heath, Geoffrey Howe, Kenneth Clarke, Gordon Brown, John McDonnell and Rachel Reeves.

It is used to designate the lead economic spokesman for the Opposition.

[1] This was a source of humour for Chancellor Gordon Brown, who in 2005 played the two off against one another in Parliament, saying, "I, too, have a great deal of time for the shadow chancellor who resides in Twickenham [Liberal Democrat Vince Cable], rather than the shadow chancellor for the Conservative Party.

"[2] Leader of the OppositionKemi Badenoch Shadow Chancellor of the ExchequerMel Stride Shadow Foreign SecretaryPriti Patel Shadow Home SecretaryChris Philp