First Lord of the Treasury facts for kids
Quick facts for kids United KingdomFirst Lord of the Treasury |
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| Residence | 10 Downing Street |
| Seat | Westminster |
| Appointer | The King
appoints ex officio the prime minister
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| Term length | At His Majesty's pleasure |
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| Deputy | Second Lord of the Treasury |
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The First Lord of the Treasury is a very important job in the United Kingdom government. It's like being the boss of the "Lords Commissioners of the Treasury." This group helps manage the country's money.
Today, the person who holds this job is almost always the Prime Minister. So, when you hear about the Prime Minister, they are also the First Lord of the Treasury. But this job is not the same as being the country's main money minister. That role belongs to the Chancellor of the Exchequer, who is the "Second Lord of the Treasury."
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What is the First Lord of the Treasury?
The First Lord of the Treasury is the leader of a group called the Lords Commissioners of the Treasury. This group takes on the old duties of the "Lord High Treasurer." This was a very old job that handled the country's money.
By tradition, the First Lord of the Treasury is also the Prime Minister. This means the Prime Minister is in charge of the Treasury, even though the Chancellor of the Exchequer handles the day-to-day money matters.
How the Role Changed Over Time
In the early 1600s, instead of one person managing the Treasury, a group of people started doing it. This group was called a "commission." Since 1714, the Treasury has always been run by this group. These people were known as the Lords Commissioners of the Treasury. They were given numbers to show their rank, like First Lord, Second Lord, and so on.
Around the mid-1700s, the First Lord of the Treasury became the main leader of the government. This is when the term "prime minister" started to be used, though it wasn't official at first. Robert Walpole was one of the first people to be called a "prime minister" while also being the First Lord.
The term "prime minister" was first used officially in 1905. Before 1841, the First Lord of the Treasury often also held the job of Chancellor of the Exchequer. However, if the First Lord was a peer (a member of the nobility), they couldn't be Chancellor. In those cases, the Second Lord of the Treasury usually became the Chancellor. Since 1841, the Chancellor has almost always been the Second Lord of the Treasury, unless they were also the Prime Minister.
Where the First Lord Lives
10 Downing Street is the official home of the First Lord of the Treasury. Many people think it's the Prime Minister's office, but it's actually linked to the First Lord job.
There's also Chequers, a large country house in Buckinghamshire. This is the official country home for the Prime Minister. It's used for weekends and holidays. Other important government members might also use it sometimes.
Important People Who Held the Role
Many important figures in British history have served as the First Lord of the Treasury. Since 1714, this role has often been held by the person who was also the Prime Minister.
For example, Sir Robert Walpole was a very famous First Lord and is often seen as Britain's first true Prime Minister. Other well-known leaders like William Pitt the Younger and William Ewart Gladstone also held this position.
Sometimes, the First Lord of the Treasury was not the Prime Minister. For instance, Lord Salisbury was Prime Minister at certain times but not the First Lord. However, after 1922, the First Lord of the Treasury and the Prime Minister have always been the same person.
Images for kids
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The front door of 10 Downing Street, showing the letter-box inscribed with "First Lord of the Treasury"
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See also
- Chief Baron of the Exchequer
- List of lords commissioners of the Treasury
- Minister for the Civil Service, by convention also the Prime Minister
- Secretary to the Treasury
