History
The beginnings of the treasury of England is traced by some to an individual known as Henry the Treasurer a servant to the king of England, William the Conqueror. The surety of this beginning is based on a Domesday entry showing the individual Henry ("the treasurer") as a Winchester landowner, known to be the place where the royal treasure was stored. The Treasury of the United Kingdom traces its origins to the Treasury of the Kingdom of England, which had come into existence by 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.
The treasury was first put to commission in May or June of 1660. The first commission were: the Duke of Albermarle, Lord Ashley, (Sir) W Coventry, (Sir) J Duncomb and (Sir) T Clifford. During 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 were given a number based on their seniority. Eventually, the First Lord of the Treasury came to be seen as the natural head of the 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.
During the time when the treasury was under commission the junior Lords were paid sixteen hundred pounds a year each.
Read more about this topic: HM Treasury
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