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. Pitt the Younger once opined that the Prime Minister "ought to be the person at the head of the finances."
Prior to 1827 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. As of 1827, the Chancellor of the Exchequer has always been Second Lord of the Treasury when was not also Prime Minister. By convention, the other Lords Commissioners of the Treasury are also Government Whips in the House of Commons.
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