First Lord of the Treasury

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United Kingdom
First Lord of the Treasury
Coat of arms of the United Kingdom (2022, lesser arms).svg
Flag of the United Kingdom.svg
Prime Minister Sir Keir Starmer Official Portrait (cropped 2).jpg
Incumbent
Sir Keir Starmer
since 5 July 2024
Residence 10 Downing Street
Seat Westminster
Appointer The King
Term length At His Majesty's pleasure
Formation
  • 1126
  • 1612
    (as First Lord of the Commission of the Treasury)
  • 1714
    (commission permanent since resignation of the 1st Duke of Shrewsbury)
First holder
Deputy Second Lord of the Treasury
Website Gov.uk

The First Lord of the Treasury is the head of the Lords Commissioners of the Treasury exercising the ancient office of Lord High Treasurer in the United Kingdom. Traditional convention holds that the office of First Lord is held by the Prime Minister. 10 Downing Street is technically the official home of the First Lord, although it is now entirely associated with the Prime Minister's office. The office is not the United Kingdom's finance minister; this role is instead held by the Chancellor of the Exchequer, who is the Second Lord of the Treasury.

Contents

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. Since 1714, it has permanently been in commission. The commissioners have always since that date been referred to as Lords Commissioners of the Treasury, and adopted ordinal numbers to describe their seniority. Eventually in the middle of the same century, the first lord of the Treasury came to be seen as the natural head of the overall ministry running the country, and, as of the time of Robert Walpole (Whig), began to be known, unofficially, as the prime minister.

The term prime minister was initially, but decreasingly, used as a term of derogation; it was first used officially in a royal warrant only in 1905.[ which? ] William Pitt the Younger said the prime minister "ought to be the person at the head of the finances"—though Pitt also served as chancellor of the exchequer for the entirety of his time as prime minister, so his linkage of the finance portfolio to the premiership was wider than merely proposing the occupation of the first lordship by the prime minister. [1]

Prior to 1841 the first lord of the Treasury also held the office of chancellor of the exchequer unless he was a peer and thus barred from that office; in this case, the second lord of the Treasury usually served as chancellor. Since 1841, the chancellor has always been second lord of the Treasury when he was not also prime minister. 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 official residence of the first lord of the Treasury, not the office of prime minister. [2] Chequers, a country house in Buckinghamshire, is the official country residence of the prime minister, used as a weekend and holiday home, although the residence has also been used by other senior members of government.[ citation needed ]

List of First Lords (1714–1922)

Much of this list overlaps with the list of prime ministers of the United Kingdom, but there are some notable differences, principally concerning Lord Salisbury , who was prime minister but not first lord in 1885–1886, 1887–1892 and 1895–1902.

Those first lords who were simultaneously prime minister are indicated in bold.

Those who were considered prime minister only during part of their term are indicated in bold italic.

First LordEntered officeLeft officeParty
Charles Montagu, Earl of Halifax 13 October 171419 May 1715 Whig
Charles Howard, Earl of Carlisle 23 May 171510 October 1715 Whig
Robert Walpole 10 October 171512 April 1717 Whig
James Stanhope, Earl Stanhope 12 April 171721 March 1718 Whig
Charles Spencer, Earl of Sunderland 21 March 17183 April 1721 Whig
Robert Walpole 3 April 172111 February 1742 Whig
Spencer Compton, Earl of Wilmington 16 February 17422 July 1743 Whig
Henry Pelham 27 August 174310 February 1746 Whig
William Pulteney, Earl of Bath 10 February 174612 February 1746 Whig
Henry Pelham 12 February 17466 March 1754 Whig
Thomas Pelham-Holles, Duke of Newcastle 16 March 175416 November 1756 Whig
William Cavendish, Duke of Devonshire 16 November 17568 June 1757 Whig
James Waldegrave, Earl Waldegrave 8 June 175712 June 1757 Whig
William Cavendish, Duke of Devonshire 12 June 175725 June 1757 Whig
Thomas Pelham-Holles, Duke of Newcastle 2 July 175726 May 1762 Whig
John Stuart, Earl of Bute 26 May 176216 April 1763 Tory
George Grenville 16 April 176313 July 1765 Whig
Charles Watson-Wentworth, Marquess of Rockingham 13 July 176530 July 1766 Whig
Augustus FitzRoy, Duke of Grafton [a] 30 July 176628 January 1770 Whig
Frederick North, Lord North 28 January 177022 March 1782 Tory
Charles Watson-Wentworth, Marquess of Rockingham 27 March 17821 July 1782 Whig
William Petty, Earl of Shelburne 4 July 17822 April 1783 Whig
William Cavendish-Bentinck, Duke of Portland 2 April 178319 December 1783 Whig
William Pitt the Younger 19 December 178314 March 1801 Tory
Henry Addington 17 March 180110 May 1804 Tory
William Pitt the Younger 10 May 180423 January 1806 Tory
William Grenville, Lord Grenville 11 February 180631 March 1807 Whig
William Cavendish-Bentinck, Duke of Portland 31 March 18074 October 1809 Whig
Spencer Perceval 4 October 180911 May 1812 Tory
Robert Jenkinson, Earl of Liverpool 9 June 181210 April 1827 Tory
George Canning 10 April 18278 August 1827 Tory
F. J. Robinson, Viscount Goderich 31 August 182722 January 1828 Tory
Arthur Wellesley, Duke of Wellington 22 January 182822 November 1830 Tory
Charles Grey, Earl Grey 22 November 183016 July 1834 Whig
William Lamb, Viscount Melbourne 16 July 183414 November 1834 Whig
Arthur Wellesley, Duke of Wellington 14 November 183410 December 1834 Tory
Robert Peel 10 December 18348 April 1835 Tory
William Lamb, Viscount Melbourne 18 April 183530 August 1841 Whig
Robert Peel 30 August 184129 June 1846 Conservative
Lord John Russell 30 June 184623 February 1852 Whig
Edward Smith-Stanley, Earl of Derby 23 February 185219 December 1852 Conservative
George Hamilton-Gordon, Earl of Aberdeen 19 December 18526 February 1855 Peelite
Henry John Temple, Viscount Palmerston 6 February 185520 February 1858 Liberal
Edward Smith-Stanley, Earl of Derby 20 February 185812 June 1859 Conservative
Henry John Temple, Viscount Palmerston 12 June 185918 October 1865 Liberal
John Russell, Earl Russell 29 October 186528 June 1866 Liberal
Edward Smith-Stanley, Earl of Derby 28 June 186627 February 1868 Conservative
Benjamin Disraeli 27 February 18683 December 1868 Conservative
William Ewart Gladstone 3 December 186820 February 1874 Liberal
Benjamin Disraeli [b] 20 February 187423 April 1880 Conservative
William Ewart Gladstone 23 April 188023 June 1885 Liberal
Stafford Northcote, Earl of Iddesleigh 29 June 18851 February 1886 Conservative
William Ewart Gladstone 1 February 188625 July 1886 Liberal
Robert Gascoyne-Cecil, Marquess of Salisbury [c] 3 August 188614 January 1887 Conservative
William Henry Smith 14 January 18876 October 1891 Conservative
Arthur Balfour 6 October 189115 August 1892 Conservative
William Ewart Gladstone 15 August 18925 March 1894 Liberal
Archibald Primrose, Earl of Rosebery 5 March 189425 June 1895 Liberal
Arthur Balfour [d] 25 June 18955 December 1905 Conservative
Henry Campbell-Bannerman 5 December 19053 April 1908 Liberal
H. H. Asquith 8 April 19085 December 1916 Liberal
David Lloyd George 6 December 191619 October 1922 Liberal

Thereafter the posts of first lord and prime minister have continually been held by the same person (see List of prime ministers of the United Kingdom § 20th century).

See also

The front door of 10 Downing Street, showing the letter-box inscribed with "First Lord of the Treasury" Number 10 front door (7500511890).jpg
The front door of 10 Downing Street, showing the letter-box inscribed with "First Lord of the Treasury"

Notes

  1. Grafton became Prime Minister on 14 October 1768.
  2. Disraeli became Earl of Beaconsfield in 1876.
  3. Salisbury continued to serve as Prime Minister until 11 August 1892.
  4. Balfour became Prime Minister on 11 July 1902.

References

  1. Blick & Jones 2010.
  2. First Lord of the Treasury, gov.uk, retrieved 22 March 2018

Source

Further reading