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: position held, owner of, distribution format, publisher

Britain's Chancellor of the Exchequer George Osborne is on Thursday to open bidding for £11.8 billion ($18 billion, 16.3 billion euros) in contracts to build a high-speed rail link in England.
position held