First Lord of the Treasury

The First Lord of the Treasury is the head of the commission exercising the ancient office of Lord High Treasurer in the United Kingdom, usually but not always the Prime Minister.

Lords of the Treasury

Beginning in the 17th century, the Treasury was frequently entrusted to a commission, rather than to a single individual, and after 1714, it was always in commission. The commissioners were referred to as Lords Commissioners of the Treasury, and given a number based on seniority. Eventually, the First Lord of the Treasury came to be seen as the natural head of any ministry, and, from Robert Walpole on, began to be known, unofficially, as the prime minister.

Related Topics:
17th century - Treasury - 1714 - Robert Walpole - Prime minister

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Before 1827, the First Lord of the Treasury, when a commoner, also held the office of Chancellor of the Exchequer, while if the First Lord was a peer, the Second Lord would usually serve as Chancellor. Since 1827, the Chancellor of the Exchequer has always been Second Lord of the Treasury when he has not also been the Prime Minister. By convention, the other Lords Commissioners of the Treasury are Government Whips in the House of Commons.

Related Topics:
Chancellor of the Exchequer - Whip - House of Commons

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