First Lord Of The Treasury

LORDS OF THE TREASURY

Beginning in 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 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, from Robert Walpole on, began to be known, unofficially, as the Prime Minister . Indeed, the term Prime Minister was sometimes used in a derogatory way.

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 when he has not also been the Prime Minister. By convention, the other Lords Commissioners of the Treasury are Government Whip s in the House Of Commons .

OFFICIAL RESIDENCES

Contrary to popular belief, 10 Downing Street is the residence of the First Lord of the Treasury, not the prime minister. There is in fact no prime ministerial residence apart from Chequers , a Country House in Buckinghamshire used as a weekend and holiday home; however, all modern prime ministers have simultaneously been First Lord of the Treasury, so 10 Downing Street has come to be closely identified with the premiership.

Similarly, 11 Downing Street is the residence of the Second Lord Of The Treasury , not the residence of the Chancellor of the Exchequer; given that all chancellors since 1755 who were not themselves prime minister have also been Second Lord, people often wrongly presume that 11 Downing Street is the Chancellor's residence. Currently, the Prime Minister lives in number 11 with his family, this is simply because it is bigger and can therefore accommodate them all. The Chancellor, Gordon Brown , lives in number 10 as his family is smaller, although this has since grown with the birth of his son John.

LIST OF FIRST LORDS OF THE TREASURY, 1714&NDASH;1905

''for earlier Lord Treasurers and First Lords, see List Of Lord Treasurers . Much of this list overlaps with the list of Prime Ministers Of The United Kingdom , but there are some notable differences.''