HM Treasury

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The new western entrance to HM Treasury

HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy.

1 History
2 Whips
3 Ministers of HM Treasury
4 Permanent Secretaries of HM Treasury
5 Agencies of HM Treasury
6 See also
7 External links

[edit] History

The English Treasury seems to have come into existence around 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.

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 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 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.

The Treasury, Parliament Street

[edit] Whips

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 a Lord Commissioner of HM Treasury though these are all members of the House of Commons. This led to the Government frontbench in the Commons being known as the Treasury Bench. However, since the Whips no longer have any effective ministerial role in the Treasury, they are usually not listed as Treasury ministers.

[edit] Ministers of HM Treasury

(As of 8 May 2006.)

Prime Minister and First Lord — The Rt Hon. Tony Blair MP
Chancellor of the Exchequer and Second Lord — The Rt Hon. Gordon Brown MP
Chief Secretary to the Treasury — The Rt Hon. Stephen Timms MP
Parliamentary Secretary to the Treasury and Chief Whip — The Rt Hon. Jacqui Smith MP
Paymaster General — The Rt Hon. Dawn Primarolo MP
Financial Secretary to the Treasury — John Healey MP
Economic Secretary to the Treasury — Ed Balls MP

[edit] Permanent Secretaries of HM Treasury

The Treasury building viewed from St. James' Park

The position of Permanent Secretary of HM Treasury is generally regarded as the second most influential in the British Civil Service; the last two incumbents have gone on to be Cabinet Secretary, the only post out-ranking it.

Nicholas Macpherson (2005–present)
Sir Gus O'Donnell (2002–2005)
Sir Andrew Turnbull (1998–2002)
Sir Terence Burns (1991–1998)
Sir Peter Middleton (1983–1991)
Sir Douglas Wass (1974–1983)
Sir Douglas Allen (1968–1974)
Sir William Armstrong (1962–1968)
Sir Laurence Helsby (1963–1968)
Sir Norman Brook (1956–1963)
Sir Frank Lee (1960–1962)
Sir Roger Makins (1956–1959)
Sir Edward Bridges (1945–1956)
Sir Richard Hopkins (1942–1945)
Sir Horace Wilson (1939–1942)
Sir Warren Fisher (1919–1939)
Sir Robert Chalmers (1916–1919)
Sir George Murray (1903–1911)
Sir Francis Mowatt (1894–1903)

Jon Cunliffe is Second Permanent Secretary (since November 2005). Sir Nick Stern, previously Second Permanent Secretary, remains head of the Government Economic Service and a member of the Treasury Management Board. Following his appointment as Government adviser on the economics of climate change and also of development, he is based in the Cabinet Office.

[edit] Agencies of HM Treasury

Office of Government Commerce (OGC) reporting to the Financial Secretary to the Treasury
OGCBuying.Solutions an executive agency of OGC and reporting to the Financial Secretary
National Savings and Investments reporting to the Economic Secretary
Office for National Statistics reporting to the Financial Secretary
The Royal Mint reporting to the Financial Secretary
UK Debt Management Office reporting to the Economic Secretary
Her Majesty's Revenue and Customs, for which the Minister is the Paymaster General
Valuation Office Agency, an agency of HM Revenue and Customs