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Encyclopedia > 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). However, when a Lord High Treasurer was appointed, there was no commission.


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 1800s, 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 six lords of the treasury:

See also

References

  • 1911 Encyclopedia Britannica (http://20.1911encyclopedia.org/T/TR/TREASURY.htm) (adapted, not copied verbatim)

  Results from FactBites:
 
Lord High Treasurer - Wikipedia, the free encyclopedia (507 words)
By convention, the Prime Minister serves as the "First Lord of the Treasury," and the Chancellor of the Exchequer serves as the "Second Lord of the Treasury." Other members of the Government (usually whips in the House of Commons) are appointed to serve as the junior Lords Commissioners.
The English Treasury seems to have come into existence around 1126, during the reign of Henry I, as the financial responsibilities were separated from the rest of the job that evolved into Lord Great Chamberlain.
Today, the First Lord of the Treasury is as a rule the Prime Minister, and the Second Lord of the Treasury is the Chancellor of the Exchequer, who has inherited most of the functional financial responsibilities.
  More results at FactBites »


 

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