Take context from the input text and decide on the accurate relationship between 'George Osborne' and 'Chancellor of the Exchequer' from the options provided.
Options: parent organization, founded by, position held, currency

On 8 July, UK Chancellor of the Exchequer George Osborne made a number of announcements relating to the tax system in the UK, including a number of changes that were not previously announced or expected.
position held