Utilize the input text as a context reference, choose the right relationship between George Osborne and Chancellor of the Exchequer from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

Britain will cut spending on welfare by £12 billion ($18.5 billion, 17 billion euros) in a fresh austerity drive, Chancellor of the Exchequer George Osborne announced Wednesday as he delivered the government's post-election budget.

Answer: position_held