Chancellorship of Gordon Brown

The premiership of Tony Blair began on 2 May 1997 and ended on 27 June 2007. Whilst serving as Prime Minister of the United Kingdom, Blair concurrently served as the First Lord of the Treasury, the Minister for the Civil Service, the Leader of the Labour Party (until Gordon Brown was declared Labour leader on 24 June 2007), and a member of parliament for the constituency of Sedgefield in County Durham. He remains a Privy Counsellor having first been appointed in July 1994 when he became Leader of the Opposition. Tony Blair is the Labour Party's longest-serving Prime Minister, and having led the party to three consecutive general election victories, the only Labour prime minister to serve two full consecutive terms.

Blair is both credited with and criticised for moving the Labour Party towards the centre of British politics, using the term "New Labour" to distinguish his pro-market policies from the more Socialist policies which the party had espoused in the past.

In domestic government policy, Blair significantly increased public spending on health and education while also introducing controversial market-based reforms in these areas. In addition Blair's tenure saw the introduction of a minimum wage, tuition fees for higher education, constitutional reform such as devolution in Scotland and Wales, and progress in the Northern Ireland peace process. The British economy performed well and the real incomes of Britons grew 18 per cent during 1997–2006. Blair kept to Conservative commitments not to increase income tax in the first term although rates of Employee's National Insurance (a payroll levy) were increased. He also presided over a significant expansion of the welfare state during his time in office, which led to a significant reduction in relative poverty.

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