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.

U.K. Chancellor of the Exchequer George Osborne will cut the nation’s bank levy over the next six years and limit it to domestic balance sheets after that, bowing to pressure from firms including HSBC Holdings Inc. that have threatened to leave London.

Answer: position_held