Lord of the Treasury
Encyclopedia
In the United Kingdom
, there are at least six Lords of the Treasury who serve concurrently. Traditionally, this board (serving as a commission
for the Lord High Treasurer
) consists of the First Lord of the Treasury
, the Second Lord of the Treasury
, and four or more junior lords (to whom this title is usually applied).
Strictly they are commissioners for exercising the office of Lord High Treasurer
(similar to the Lords Commissioners of the Admiralty exercising the office of Lord High Admiral
). This office has continually been in commission since the resignation in 1714 of Charles, Duke of Shrewsbury
, who was appointed to the office by Queen Anne on her deathbed.
Until the 19th century, this commission made most of the economic decisions of Great Britain
(England
, before the Act of Union 1707). However, starting during the 19th century, these positions became sinecure
positions, with the First Lord serving almost invariably as Prime Minister
, the Second Lord invariably as Chancellor of the Exchequer
(the exchequer
being the modern treasury
of the United Kingdom), and the junior lords serving as assistant whip
s in Parliament
.
Currently, there are seven lords of the treasury:
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, there are at least six Lords of the Treasury who serve concurrently. Traditionally, this board (serving as a commission
Government agency
A government or state agency is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency. There is a notable variety of agency types...
for the Lord High Treasurer
Lord High Treasurer
The post of Lord High Treasurer or Lord Treasurer was an English government position and has been a British government position since the Act of Union of 1707. A holder of the post would be the third highest ranked Great Officer of State, below the Lord High Chancellor and above the Lord President...
) consists of the First Lord of the Treasury
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, and is now always also the Prime Minister...
, the Second Lord of the Treasury
Second Lord of the Treasury
The Second Lord of the Treasury is a member of the commission exercising the ancient office of Lord High Treasurer in the United Kingdom. Since 1827, the Chancellor of the Exchequer has always simultaneously held the office of Second Lord of the Treasury when he has not also been the Prime Minister...
, and four or more junior lords (to whom this title is usually applied).
Strictly they are commissioners for exercising the office of Lord High Treasurer
Lord High Treasurer
The post of Lord High Treasurer or Lord Treasurer was an English government position and has been a British government position since the Act of Union of 1707. A holder of the post would be the third highest ranked Great Officer of State, below the Lord High Chancellor and above the Lord President...
(similar to the Lords Commissioners of the Admiralty exercising the office of Lord High Admiral
Lord High Admiral
Lord High Admiral can refer to:* Lord High Admiral of the United Kingdom * Lord High Admiral of Scotland* Lord High Admiral of the Wash* Lord High Admiral of Sweden-See also:...
). This office has continually been in commission since the resignation in 1714 of Charles, Duke of Shrewsbury
Charles Talbot, 1st Duke of Shrewsbury
Charles Talbot, 1st Duke of Shrewsbury, KG, PC was an English statesman. Born to Roman Catholic parents, he remained in that faith until 1679 when—during the time of the Popish Plot and following the advice of the divine John Tillotson—he converted to the Church of England...
, who was appointed to the office by Queen Anne on her deathbed.
Until the 19th century, this commission made most of the economic decisions of Great Britain
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
(England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
, before the Act of Union 1707). However, starting during the 19th century, these positions became sinecure
Sinecure
A sinecure means an office that requires or involves little or no responsibility, labour, or active service...
positions, with the First Lord serving almost invariably as Prime Minister
Prime Minister of the United Kingdom
The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is the Head of Her Majesty's Government in the United Kingdom. The Prime Minister and Cabinet are collectively accountable for their policies and actions to the Sovereign, to Parliament, to their political party and...
, the Second Lord invariably as Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
(the exchequer
Exchequer
The Exchequer is a government department of the United Kingdom responsible for the management and collection of taxation and other government revenues. The historical Exchequer developed judicial roles...
being the modern treasury
Treasury
A treasury is either*A government department related to finance and taxation.*A place where currency or precious items is/are kept....
of the United Kingdom), and the junior lords serving as assistant whip
Whip (politics)
A whip is an official in a political party whose primary purpose is to ensure party discipline in a legislature. Whips are a party's "enforcers", who typically offer inducements and threaten punishments for party members to ensure that they vote according to the official party policy...
s in Parliament
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
.
Currently, there are seven lords of the treasury:
- Prime MinisterPrime Minister of the United KingdomThe Prime Minister of the United Kingdom of Great Britain and Northern Ireland is the Head of Her Majesty's Government in the United Kingdom. The Prime Minister and Cabinet are collectively accountable for their policies and actions to the Sovereign, to Parliament, to their political party and...
and First LordFirst Lord of the TreasuryThe 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 now always also the Prime Minister...
– The Rt Hon. David CameronDavid CameronDavid William Donald Cameron is the current Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service and Leader of the Conservative Party. Cameron represents Witney as its Member of Parliament ....
MP - Chancellor of the ExchequerChancellor of the ExchequerThe Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
and Second LordSecond Lord of the TreasuryThe Second Lord of the Treasury is a member of the commission exercising the ancient office of Lord High Treasurer in the United Kingdom. Since 1827, the Chancellor of the Exchequer has always simultaneously held the office of Second Lord of the Treasury when he has not also been the Prime Minister...
– The Rt Hon. George OsborneGeorge OsborneGeorge Gideon Oliver Osborne, MP is a British Conservative politician. He is the Chancellor of the Exchequer of the United Kingdom, a role to which he was appointed in May 2010, and has been the Member of Parliament for Tatton since 2001.Osborne is part of the old Anglo-Irish aristocracy, known in...
MP - Junior Lords
- Michael FabricantMichael FabricantMichael Louis David Fabricant is a British Conservative Party politician. He is the Member of Parliament for Lichfield in Staffordshire.-Early life:...
MP - Angela WatkinsonAngela WatkinsonAngela Eileen Watkinson is a politician in the United Kingdom. She is Conservative Party Member of Parliament for Hornchurch and Upminster, and was first elected in 2001 to the earlier seat of Upminster, beating Keith Darvill who had taken the seat from the Conservatives in 1997...
MP - Jeremy WrightJeremy Wright (politician)Jeremy Paul Wright is a British Conservative Party politician, and current Member of Parliament for the constituency of Kenilworth and Southam in Warwickshire...
MP - Brooks NewmarkBrooks NewmarkBrooks Phillip Victor Newmark is the Conservative Member of Parliament for Braintree.-Early life:Brooks was born in Westport CT, USA on 8th May 1958 to Howard Newmark and Gilda Gourlay . He moved to England aged 9 years old and attended Caldicott Prep School and Bedford School and graduated from...
MP - James Duddridge MP
- Michael Fabricant
See also
- Secretary to the TreasurySecretary to the TreasuryIn the United Kingdom, there are several Secretaries to the Treasury, who are junior Treasury ministers nominally acting as secretaries to HM Treasury. The origins of the office are unclear, although it probably originated during Lord Burghley's tenure as Lord Treasurer in the 16th century. The...
- HM TreasuryHM TreasuryHM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
- List of British ministries
- List of Lord Treasurers includes a list of former Lords Commissioners of the Treasury until 1714.
- List of Lords Commissioners of the Treasury since 1714