Lord of the treasury

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.[1]

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 whips in Parliament.

Currently, there are seven lords of the treasury:

See also

References

  • 1911 Encyclopædia Britannica.
  • (1972), pp. 16-25.
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