The possessive adjective in the department's name varies depending upon the sex of the reigning monarch
The beginnings of the Treasury of England have been traced by some to an individual known as Henry the Treasurer, a servant to King William the Conqueror
This claim is based on an entry in the Domesday Book
showing the individual Henry "the treasurer" as a landowner in Winchester, where the royal treasure was stored.
The Treasury of the United Kingdom thus 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 from the Royal Household
. It was where the king kept his treasures. The head of the Treasury was called the Lord Treasurer
The Treasury was first put in commission (placed under the control of several people instead of only one) in May or June 1660.
The first commissioners were the Duke of Albermarle, Lord Ashley, (Sir) W. Coventry, (Sir) J. Duncomb, and (Sir) T. Clifford.
After 1714, the Treasury was always in commission. The commissioners were referred to as the 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 government, and from Robert Walpole
on, the holder of the office began to be known, unofficially, as the Prime Minister
. Until 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 usually served as Chancellor. Since 1827, however, 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 each paid £1,600 a year.
As of April 2020, the Treasury Ministers are as follows:
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 Lords Commissioners of the Treasury
, though they are all members of the House of Commons
. Being a whip is a party, rather than a government, position; the appointments to the Treasury are sinecure
positions which allow the whips to be paid ministerial salaries. This has led to the Government front bench
in the Commons being known as the Treasury Bench. However, since the whips no longer have any effective ministerial roles in the Treasury, they are usually not listed as Treasury ministers.
Banknotes in the UK are normally issued
by the Bank of England
and a number of commercial banks (see Banknotes of the pound sterling
). At the start of the First World War
, the Currency and Bank Notes Act 1914
was passed, giving the Treasury temporary powers to issue banknotes in two denominations, one at £1 and another at 10 shillings, in the UK. Treasury notes had full legal tender status and were not convertible for gold through the Bank of England. They replaced the gold coin in circulation to prevent a run on sterling and to enable purchases of raw materials for armaments production. These notes featured an image of King George V
(Bank of England notes did not begin to display an image of the monarch until 1960). The wording on each note was UNITED KINGDOM OF GREAT BRITAIN AND IRELAND — Currency notes are Legal Tender for the payment of any amount — Issued by the Lords Commissioners of His Majesty's Treasury under the Authority of Act of Parliament (4 & 5 Geo. V c.14)
. Notes issued after the partition of Ireland
from 1922 had the wording changed to read "United Kingdom of Great Britain and Northern Ireland".
The promise (never adhered to) was that they would be removed from circulation after the war had ended. In fact, the notes were issued until 1928, when the Currency and Bank Notes Act 1928
returned note-issuing powers to the banks.
Associated public bodies
Executive agencies of HM Treasury UK Debt Management Office
, reporting to the Financial Services Secretary, is responsible for government borrowing operations.
Other bodies reporting to Treasury ministers
History of the Treasury Main Building
The Treasury publishes cross-government guidance including The Green Book: appraisal and evaluation in central government.
- ^ "HMT workforce management information: February 2015". GOV.UK. 27 March 2015. Retrieved 4 March 2017.
- ^ Budget 2011 (PDF). London: HM Treasury. 2011. p. 48. Archived from the original (PDF) on 1 August 2011. Retrieved 30 December 2011.
- ^ Rosenbaum, Martin. "BBC - Open Secrets: How big is the Coins database?". Retrieved 6 September 2016.
- ^ Hollister, C. Warren (1978). "The Origins of the English Treasury". The English Historical Review. 93 (367): 262–275. doi:10.1093/ehr/XCIII.CCCLXVII.262. JSTOR 567061.
- ^ Open Domesday Retrieved 2012-06-25
- ^ HM Treasury:History
- ^ D C Douglas - William the Conqueror: The Norman Impact Upon England University of California Press, 1 May 1967 ISBN 0520003500 Retrieved 2012-06-25
- ^ W Lowndes and D M Gill - The Treasury, 1660-1714 Vol. 46, No. 184 (Oct., 1931) Retrieved 2012-06-25
- ^ Samuel Pepys (R Latham) - The Diary of Samuel Pepys, Esq., F.R.S. From 1659 to 1669 with Memoir, Echo Library, 30 May 2006 ISBN 1847028926 sourced - "Downing, George (1623?-1684)" . Dictionary of National Biography. London: Smith, Elder & Co. 1885–1900. p. 400.
- ^ Secondary -  from Cambridge Dictionaries
- ^ (Baron) T B Macaulay - History of England, Volume 1 CUP Archive, 18 January 2012 Retrieved 2012-06-25
- ^ "New Second Permanent Secretary to the Treasury appointed". GOV.UK. 4 July 2016. Retrieved 23 October 2016.
- ^ Trevor R Howard. "Treasury notes". Retrieved 12 October 2007.
- ^ a b c HM Treasury: About GOGGS
- ^ "Archived copy". Archived from the original on 19 May 2014. Retrieved 19 May 2014.
Last edited on 9 June 2021, at 16:47
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