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 residence
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.
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 posts of First Lord of the Treasury and
Prime Minister have always been held by the same person; see the
list of 20th century U.K. Prime Ministers.
See also
