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First Lord of the Treasury
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The First Lord of the Treasury is the head of the commission exercising the ancient office of Lord High Treasurer in the United Kingdom, and is usually—but not always—also the Prime Minister. Currently, the office is held by Gordon Brown. This office is not equivalent to the usual position of the "Treasurer" in other governments; the closer equivalent of a Treasurer in the United Kingdom is the Chancellor of the Exchequer.
Lords of the Treasury
As of the beginning of the 17th century, the running of the Treasury was frequently entrusted to a commission, rather than to a single individual.
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Encyclopedia
The First Lord of the Treasury is the head of the commission exercising the ancient office of Lord High Treasurer in the United Kingdom, and is usually—but not always—also the Prime Minister. Currently, the office is held by Gordon Brown. This office is not equivalent to the usual position of the "Treasurer" in other governments; the closer equivalent of a Treasurer in the United Kingdom is the Chancellor of the Exchequer.
Lords of the Treasury
As of the beginning of the 17th century, the running of the Treasury was frequently entrusted to a commission, rather than to a single individual. After 1714, it was permanently 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, as of the time of Robert Walpole, began to be known, unofficially, as the Prime Minister. Indeed, the term Prime Minister was sometimes used in a derogatory way. "Prime minister" was first used officially in a royal warrant in 1905.
Prior to 1827 the First Lord of the Treasury, when a commoner, also held the office of Chancellor of the Exchequer, whilst if the First Lord was a peer, the Second Lord would usually serve as Chancellor. As of 1827, the Chancellor of the Exchequer has always been Second Lord of the Treasury when he has not also been the Prime Minister, regardless of peerage status. By convention, the other Lords Commissioners of the Treasury are also Government Whips in the House of Commons.
Official residences
Contrary to popular belief, 10 Downing Street is the residence of the First Lord of the Treasury, and not of the prime minister. There is in fact no prime ministerial residence apart from Chequers, a country house in Buckinghamshire used as a weekend and holiday home; however, all modern prime ministers have simultaneously been First Lord of the Treasury, and so 10 Downing Street has come to be identified closely with the premiership.
Similarly, 11 Downing Street is the residence of the Second Lord of the Treasury, and not in fact the residence of the Chancellor of the Exchequer. As all chancellors since 1755 who were not themselves prime minister have also been Second Lord, people often wrongly presume that 11 Downing Street is the Chancellor's residence; again, this is another misconception.
List of First Lords of the Treasury, 1714 - 1905
Much of this list overlaps with the list of Prime Ministers of the United Kingdom, but there are some notable differences. Those First Lords who were simultaneously Prime Minister are indicated by the use of bold typeface. For earlier Lord Treasurers and First Lords, see List of Lord Treasurers.
Thereafter the First Lord of the Treasury has always been identical to the Prime Minister; see, the list of U.K. Prime Ministers.
See also
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