The new eastern entrance to HM Treasury
HM Treasury ('''Her/His Majesty's Treasury''') is the United Kingdom government department responsible for and putting into effect the UK Government's financial and economic policy. The Treasury's stated aim is to raise the rate of sustainable growth, and achieve rising prosperity, through creating economic and employment opportunities for all.
History
The English
Treasury seems to have come into existence around 1126, in the reign of
Henry I. The treasury emerged out of the
royal household, and served as the location where the king kept his treasures. The head of the treasury was called the
Lord Treasurer. Starting in
Tudor times, the Lord Treasurer became one of the chief officers of state, and competed with the
Lord Chancellor for the principal place.
In 1667
Charles II of England was responsible for appointing George Downing, (the builder of
Downing Street,) to radically reform the Treasury and the collection of taxes.
Beginning in the
17th century, the Treasury was frequently entrusted to a commission, rather than to a single individual, and after 1714, it was always in commission. The commissioners were referred to as
Lords 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 government, and from
Robert Walpole on, began to be known, unofficially, as the
prime minister. Before 1827, the First Lord of the Treasury, when a commoner, also held the office of
Chancellor of the Exchequer, while if the First Lord was a peer, the Second Lord would usually serve as Chancellor. Since 1827, the Chancellor of the Exchequer has always been Second Lord of the Treasury.
Whips
Some of the Government
Whips are also associated in name with the Treasury: the Chief Whip is nominally
Parliamentary Secretary to the Treasury and traditionally had an office in 12
Downing Street. Some of the other Whips are nominally a
Lord Commissioner of HM Treasury though these are all members of the
House of Commons. This led to the Government frontbench in the Commons being known as the
Treasury Bench. However, since the Whips no longer have any effective ministerial role in the Treasury, they are usually not listed as Treasury ministers.
Ministers of HM Treasury
as of 9 September, 2004
Permanent Secretaries of HM Treasury
The position of
Permanent Secretary of HM Treasury is generally regarded as the second most prestigious in the
British Civil Service; the last two incumbents have gone on to be
Cabinet Secretary, the only post out-ranking it.
Agencies of HM Treasury
See also
External link
Category:Business and finance in the United Kingdom
Category:Departments of the United Kingdom Government