HM Treasury: Difference between revisions
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| employees = 1967 [[Full-time equivalent|FTE]] (+114 in DMO)<ref>{{cite web|url=https://www.gov.uk/government/publications/hmt-workforce-management-information-february-2015 |title=HMT workforce management information: February 2015 |publisher=GOV.UK |date=2015-03-27 |access-date=2017-03-04}}</ref><ref>{{cite web |title=HM Treasury Outcome Delivery Plan 2021 to 2022 |url=https://www.gov.uk/government/publications/hm-treasury-outcome-delivery-plan/hm-treasury-outcome-delivery-plan-2021-to-2022#fn:4 |website=gov.uk |access-date=15 June 2023}}</ref> | | employees = 1967 [[Full-time equivalent|FTE]] (+114 in DMO)<ref>{{cite web|url=https://www.gov.uk/government/publications/hmt-workforce-management-information-february-2015 |title=HMT workforce management information: February 2015 |publisher=GOV.UK |date=2015-03-27 |access-date=2017-03-04}}</ref><ref>{{cite web |title=HM Treasury Outcome Delivery Plan 2021 to 2022 |url=https://www.gov.uk/government/publications/hm-treasury-outcome-delivery-plan/hm-treasury-outcome-delivery-plan-2021-to-2022#fn:4 |website=gov.uk |access-date=15 June 2023}}</ref> | ||
| budget = £279.5 million (current) and £8.3 million (capital) (2021–2022) | | budget = £279.5 million (current) and £8.3 million (capital) (2021–2022) | ||
| minister1_name = | | minister1_name = Sir [[Keir Starmer]] | ||
| minister1_pfo = [[First Lord of the Treasury]] | | minister1_pfo = [[First Lord of the Treasury]] | ||
| minister2_name = | | minister2_name = [[Rachel Reeves]] | ||
| minister2_pfo = [[Second Lord of the Treasury]], [[Chancellor of the Exchequer]] | | minister2_pfo = [[Second Lord of the Treasury]], [[Chancellor of the Exchequer]] | ||
| minister3_name = | | minister3_name = [[Darren Jones]] | ||
| minister3_pfo = [[Chief Secretary to the Treasury]] | | minister3_pfo = [[Chief Secretary to the Treasury]] | ||
| chief1_name = [[James Bowler (civil servant)|James Bowler]] | | chief1_name = [[James Bowler (civil servant)|James Bowler]] | ||
| Line 53: | Line 53: | ||
==History== | ==History== | ||
{{More citations needed|section|date=March 2024}} | {{More citations needed|section|date=March 2024}}{{Cleanup section|date=June 2025|reason=Large sections of only partially relevant material, failure to maintain neutral tone, poor chronological layout}} | ||
The origins 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]].<ref>{{Cite journal |last=Hollister |first=C. Warren |year=1978 |title=The Origins of the English Treasury |journal=The English Historical Review |volume=93 |issue=367 |pages=262–275 |doi=10.1093/ehr/XCIII.CCCLXVII.262 |jstor=567061}}; [http://domesdaymap.co.uk/name/275800/henry-the-treasurer/ Open Domesday] Retrieved 2012-06-25; HM Treasury:History</ref> 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.<ref>D C Douglas – [https://archive.org/details/williamconqueror00dougrich/page/300 <!-- quote=Henry the Treasurer William the conqueror. --> William the Conqueror: The Norman Impact Upon England] University of California Press, 1 May 1967 {{ISBN|0520003500}} Retrieved 2012-06-25</ref> | The origins 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]].<ref>{{Cite journal |last=Hollister |first=C. Warren |year=1978 |title=The Origins of the English Treasury |journal=The English Historical Review |volume=93 |issue=367 |pages=262–275 |doi=10.1093/ehr/XCIII.CCCLXVII.262 |jstor=567061}}; [http://domesdaymap.co.uk/name/275800/henry-the-treasurer/ Open Domesday] Retrieved 2012-06-25; HM Treasury:History</ref> 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.<ref>D C Douglas – [https://archive.org/details/williamconqueror00dougrich/page/300 <!-- quote=Henry the Treasurer William the conqueror. --> William the Conqueror: The Norman Impact Upon England] University of California Press, 1 May 1967 {{ISBN|0520003500}} Retrieved 2012-06-25</ref> | ||
The UK Treasury traces its origins to the Treasury of the [[Kingdom of England]], founded by 1126, in the reign of [[Henry I of England| | The UK Treasury traces its origins to the Treasury of the [[Kingdom of England]], founded by 1126, in the reign of [[Henry I of England|Henry I]]. The Treasury emerged from the [[Royal Household]]. It was where the king kept his treasures, such as in The King's Chamber. The head of the Treasury was called the [[Lord Treasurer]]. Starting in [[Tudor dynasty|Tudor]] times, the Lord Treasurer became one of the chief officers of state, and competed with the [[Lord Chancellor]] for the principal place. [[Thomas Cromwell]] transformed the financial administration of the country, restoring authority to the [[Exchequer]] and making the King's Chamber, of central importance under [[Henry VII of England|Henry VII]], back into a small spending department overseeing the Royal Household. The fact that Cromwell had a key post in the old Chamber system as well as being [[Chancellor of the Exchequer]] shows how he did this. For the majority of the medieval period the office of the Treasury was within the Exchequer (responsible for managing the royal revenue in addition to collecting and issuing money). As is often the case, wars are expensive and in 1433 [[Hundred Years' War|war with France]] led to a deficit of £30,000 – the equivalent of over £100 billion today. Money that the Treasury received was recorded by using tallies. These were sticks with notches marked on them according to the amount of money involved. The stick was cut in two and one half given to the Sheriff as receipt for the money. They were in use until 1834 when a [[Burning of Parliament|fire destroyed the Palace of Westminster]]. By 1584, the deficit had been turned into a surplus equivalent to one year's revenue. Monarchs tended to bypass the Exchequer because of its ineffectiveness until it was reformed by Lord Treasurer [[William Paulet, 1st Marquess of Winchester]] and his successor, [[William Cecil, 1st Baron Burghley]], under [[Elizabeth I]]. | ||
In contrast, the Stuarts failed to enforce limits on inflation, war, corruption and extravagant tendencies and were forced into debt again. In 1667, [[Charles II of England| | In contrast, the [[House of Stuart|Stuarts]] failed to enforce limits on inflation, war, corruption and extravagant tendencies and were forced into debt again. In 1667, [[Charles II of England|Charles II]] was responsible for appointing [[Sir George Downing, 1st Baronet|George Downing]], the builder of [[Downing Street]], to radically reform the Treasury and the collection of taxes. The Treasury was first [[Lords Commissioners of the Treasury|put in commission]] (placed under the control of several people instead of only one) in May or June 1660.<ref>W Lowndes and D M Gill – [https://www.jstor.org/stable/553221 The Treasury, 1660–1714] Vol. 46, No. 184 (Oct., 1931) Retrieved 2012-06-25</ref>{{Dubious|reason=[[List of lord high treasurers of England and Great Britain]] gives the first commission as 1612|date=June 2025}} The first commissioners were [[George Monck, 1st Duke of Albemarle]], Lord Ashley, (Sir) W. Coventry, (Sir) J. Duncomb, and (Sir) T. Clifford.<ref>[[Samuel Pepys]] (R Latham) – [https://books.google.com/books?id=KFi9LI_BqBEC&dq=Pepys+treasury&pg=PA377 The Diary of Samuel Pepys, Esq., F.R.S. From 1659 to 1669 with Memoir], Echo Library, 30 May 2006 {{ISBN|1847028926}} ''sourced'' – {{cite DNB|wstitle=Downing, George (1623?-1684)|page=400}}; Secondary – [http://www.visualthesaurus.com/landing/?ad=cdo&word=commission] from Cambridge Dictionaries</ref> | ||
The early 1700s saw the meteoric rise of the banking and financial markets, with the emerging stock market revolving around government funds. The ability to raise money by means of creating debt through the issue of bills and bonds heralded the beginning of the National Debt. Improved controls over public spending ensured that creditors were more willing to lend money to the government. By the 1730s an early version of the public spending survey and the annual Budget had been established. In its evolution the Treasury had to learn some valuable lessons. In 1711, the Treasury established a scheme whereby it secured government debt by the authorisation of its subscription into the capital of the South Sea Company, with government creditors in return holding stock in the company. 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. In 1720 the South Sea bubble burst and thousands of investors were affected; such was the outrage that the Chancellor of the Exchequer was sent to the Tower of London. Eventually the [[First Lord of the Treasury]] came, however, to be seen as the natural head of government, and from [[Robert Walpole]] on, the holder of the office became known, unofficially, as the [[Prime Minister of the United Kingdom|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. | The early 1700s saw the meteoric rise of the banking and financial markets, with the emerging stock market revolving around government funds. The ability to raise money by means of creating debt through the issue of bills and [[Government bond|bonds]] heralded the beginning of the [[United Kingdom national debt|National Debt]]. Improved controls over public spending ensured that creditors were more willing to lend money to the government. By the 1730s an early version of the public spending survey and the [[Budget of the United Kingdom|annual Budget]] had been established. In its evolution the Treasury had to learn some valuable lessons. In 1711, the Treasury established a scheme whereby it secured government debt by the authorisation of its subscription into the capital of the [[South Sea Company]], with government creditors in return holding stock in the company. 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. In 1720 the South Sea bubble burst and thousands of investors were affected; such was the outrage that the Chancellor of the Exchequer was sent to the [[Tower of London]]. Eventually the [[First Lord of the Treasury]] came, however, to be seen as the natural head of government, and from [[Robert Walpole]] on, the holder of the office became known, unofficially, as the [[Prime Minister of the United Kingdom|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. | ||
If important lessons were learnt that the National Debt (and public finances) require prudent management, when the Exchequer was abolished in 1833, HM Treasury became the ministerial department under the Chancellor of the Exchequer. When the Treasury was under commission, junior Lords were each paid £1,600 a year.<ref>(Baron) T B Macaulay – [https://books.google.com/books?id=oBo4AAAAIAAJ&dq=History+of+England+Treasury+department&pg=PA28 History of England, Volume 1] CUP Archive, 18 January 2012 Retrieved 2012-06-25</ref> It is insensible to consider the Treasury's history without the [[Bank of England]], set up in the 17th century. The argument for England's bank grew after the | If important lessons were learnt that the National Debt (and public finances) require prudent management, when the Exchequer was abolished in 1833, HM Treasury became the ministerial department under the Chancellor of the Exchequer. When the Treasury was under commission, junior Lords were each paid £1,600 a year.<ref>(Baron) T B Macaulay – [https://books.google.com/books?id=oBo4AAAAIAAJ&dq=History+of+England+Treasury+department&pg=PA28 History of England, Volume 1] CUP Archive, 18 January 2012 Retrieved 2012-06-25</ref> It is insensible to consider the Treasury's history without the [[Bank of England]], set up in the 17th century. The argument for England's bank grew after the [[Glorious Revolution]] of 1688 when [[William III of England|William of Orange]] and Queen [[Mary II|Mary]] ascended to England's throne. London-based Scottish entrepreneur, [[William Paterson (banker)|William Paterson]] proposed a "Bank of England" with a "fund for perpetual Interest" (not yet bonds or bills) that was passed by [[Parliament of England|Parliament]], supported by [[Charles Montagu, 1st Earl of Halifax|Charles Montagu]], Chancellor of the Exchequer and [[Michael Godfrey]], another leading City merchant. The public were invited to invest subscriptions totalling £1.2 million forming the initial capital stock onward loaned to the Government in return for a [[Royal Charter]]. At the same time the National Debt was born, paper money came into existence. | ||
{{citation needed span |text=From the start, complementing the Treasury's policy-setting and oversight role, the Bank became the Government's banker; managing the Government's Treasury bank accounts, providing and arranging loans, maintaining cash-flow as required. It is also a commercial bank, dealing in bills and bonds (its own are called Gilts) sold to fund government borrowing, sometimes | {{citation needed span |text=From the start, complementing the Treasury's policy-setting and oversight role, the Bank became the Government's banker; managing the Government's Treasury bank accounts, providing and arranging loans, maintaining cash-flow as required. It is also a commercial bank, dealing in bills and bonds (its own are called [[Gilt-edged securities|Gilts]]) sold to fund government borrowing, sometimes the great trading franchises such as [[East India Company|East India]] or [[Royal African Company|Royal African]] and South Sea Companies. Involvement was indirect as well as direct, personal as well as institutional, in slavery and other heinous trades. The Bank's main roles were, however, more equivalent to that of overdraft finance or factoring, with responsibilities for external account or trade finance. Like all banks, assets and liabilities must always balance. The Bank took the Government's Treasury deposits, including specie and precious metals, and issued notes. With paper money and debt securities and credit notes, it became widely better understood, especially internationally, that money had taken on many new forms or denominations, possess no intrinsic market value like Gold and yet still retain qualities of creditworthiness or trust to fulfil money payment obligations. But money in its various forms also meant money that can only be used in certain contexts or place and or types of business, requiring the existence of an international network of mutually-trusting Governments' Departments of Finance, Treasuries and or Central Banks that in turn accredit and guarantee commercial banks. |date=January 2024}} | ||
{{citation needed span |text=During the 18th and early 19th centuries great demands were placed on Treasury and the Bank for funding-gap finance; the | {{citation needed span |text=During the 18th and early 19th centuries great demands were placed on Treasury and the Bank for funding-gap finance; the National Debt grew from £12 million in 1700 to £850 million by 1815, the year of [[Napoleon]]'s defeat at [[Battle of Waterloo|Waterloo]]. However, in creating credit-issuing notes not fully backed by cash (gold) in hand, but were partly supported by credit given to the Government or by commerce – rendered itself liable to its depositors wanting all their money returned at once. The Bank therefore, needed to retain a prudent reserve of gold to ensure liabilities could be met on demand. This can be seen as the beginning of a policy of monetary stability. The [[Bank Charter Act 1844]], After the [[Napoleonic Wars]], [[Pound sterling|sterling]]'s exchange rate was high so that the trade balance with Continental Europe was a long series of deficits, for which in addition to the offsets of the Empire's entrepot trade, [[Gold]] was needed, such as from Canada, Australia, USA, and South Africa. Prudence and discretion alone almost always proved insufficient. The Treasury and The Bank faced many crises regarding gold reserve needed for domestic, British Empire, and foreign trade and policy purposes, not all good, practical or merely pragmatic, some undoubtedly nefarious. |date=January 2024}} | ||
{{citation needed span |text= | {{citation needed span |text=The threat of [[World War One]] pushed Government finance and the banking system into a short and medium term, then a longer run ongoing embarrassment of unprecedented high national debt (measured as a ratio to national income) overseen by both the Treasury and the Bank together. This crisis arguably pre-dates major world wars, and began when half of world trade by value was financed by British banks and when as a consequence the circulation of international payments became less liquid i.e. dried up. In response to this crisis, [[John Maynard Keynes]] (renowned economist), persuaded Chancellor [[Lloyd George]] to use the Bank of England's [[gold reserves]] to support banks. This ended the immediate crisis. Keynes stayed on as adviser to the Treasury until 1919. The war of 1914–18 saw National Debt rise from £650 million to £7,500 million by 1919. |date=January 2024}} | ||
{{citation needed span |text=The Treasury developed new expertise in foreign exchange, currency, credit and price control skills in the management of the post-war economy. The long slump of the 1930s recession necessitated the restructuring of the economy, first by Command Economy necessitated by World War, then following [[World War II]] when the National Debt stood at £21 billion by 1945, or 219% ratio to GDP, then an emphasis on peacetime planning to avoid the slump after WWI when agricultural market prices collapsed. With better international financial relations following 1944 [[Bretton Woods Conference|Bretton Woods]] and the USA's [[Marshall Plan]] and other plans and focus on growing and trading out of debt while also de-colonising and honouring intra-Empire debt such as owed to [[British Raj|India]]. The 1950s and early 1960s saw an increase in authority delegated to departments to spend within predetermined totals. with awareness of the net costs after tax generated and recovered (a practise stopped after 1979) and national industrial planning (abolished in the 1980s) and a system for fiscal transfers between rich and poor regions (much simplified in function), through high inflation years the 1970s and 1980s (triggered by Middle-East oil wars) led to the rise the national debt (in nominal terms) from about 64% GDP ratio down to £36 billions in 1972 or 49% GDP ratio, then to £197 billion in 1987 or 39% ratio, followed by £419bn or 41% ratio by 1998. Although figures for the national debt are rising after inflation they fell as GDP % ratios from a peak of about 250% of GDP at the end of World War II to 1/6 that by century end. The decision in 1997 to transfer monetary policy setting responsibility to the Bank of England, alongside maintaining responsibility for financial system stability while relegating-out operational banking risk management, oversight and rule-enforcement, to the new [[Financial Services Authority]] while the Treasury retained control of fiscal policy led to the creation of the [[United Kingdom Debt Management Office]] (DMO) as an executive agency of the Treasury. Since April 1998, gilts have been issued by the DMO. Other than gilts (and Treasury bills, see below) the National Debt also includes the liabilities of National Savings & Investments and other public sector debt and foreign currency. In 2010, in a similar policy innovation, the [[Office of Budget Responsibility]] was created to be an authority on macro-economic forecasting by and for Government departments. |date=January 2024}} | |||
{{citation needed span |text=The Treasury developed new expertise in foreign exchange, currency, credit and price control skills in the management of the post-war economy. The long slump of the 1930s recession necessitated the restructuring of the economy, first by Command Economy necessitated by World War, then following [[World War II]] when the National Debt stood at £21 | |||
{{citation needed span |text=Central Authorities such as Treasury or Government Finance departments and The Central Banks had to assume responsibility for financial stability. The most glaring example of failure being Germany's currency collapse and Hyper-inflation 1921–23. Monetary stability alone is however not enough of a guiding principle. As with the French a century before, the First World War saw the link with gold broken and the issue of low denomination notes returned once again. A vain attempt was made in 1925 to return to the discipline of the gold standard and remains handled by the Bank. The gold and foreign exchange reserves passed to the Treasury in 1931. Also in 1931, UK abandoned the Gold Standard for domestic currency redemption. Domestic note issue was no longer backed by gold. It may be remarked, quite fairly, that in the last half century, monetary systems management, financial planning and regulatory oversight, effectively everything but a political-economy policy direction strategy, has come to be applied comprehensively to financial services, all at a time when industrial policy and strategic oversight to all industries making tradable goods, has been discarded. Government can get involved in industrial strategy and public and some private services in response to strikes, closures, or [[Foreign direct investment|FDI]] investment flows. |date=January 2024}} | {{citation needed span |text=Central Authorities such as Treasury or Government Finance departments and The Central Banks had to assume responsibility for financial stability. The most glaring example of failure being Germany's currency collapse and Hyper-inflation 1921–23. Monetary stability alone is however not enough of a guiding principle. As with the French a century before, the First World War saw the link with gold broken and the issue of low denomination notes returned once again. A vain attempt was made in 1925 to return to the discipline of the gold standard and remains handled by the Bank. The gold and foreign exchange reserves passed to the Treasury in 1931. Also in 1931, UK abandoned the Gold Standard for domestic currency redemption. Domestic note issue was no longer backed by gold. It may be remarked, quite fairly, that in the last half century, monetary systems management, financial planning and regulatory oversight, effectively everything but a political-economy policy direction strategy, has come to be applied comprehensively to financial services, all at a time when industrial policy and strategic oversight to all industries making tradable goods, has been discarded. Government can get involved in industrial strategy and public and some private services in response to strikes, closures, or [[Foreign direct investment|FDI]] investment flows. |date=January 2024}} | ||
{{citation needed span |text=Crises of systemic collapses after excessive confidence inevitably continued through the nineteenth, twentieth and into the twenty-first centuries, some 2 years apart, sometimes ten. Apart from cycle downturns or recessions that linked the US and UK economies especially up until [[World War I]] because large amounts of capital flowed annually from USA to London after each Autumn Harvest and flowed back again in time for Spring planting. There were recessions, often called panics, in 60 out of the 126 years between 1785 and 1911. The UK's 1844 Bank Act even had to be suspended in 1847, 1857 and in 1866 to prevent | {{citation needed span |text=Crises of systemic collapses after excessive confidence inevitably continued through the nineteenth, twentieth and into the twenty-first centuries, some 2 years apart, sometimes ten. Apart from cycle downturns or recessions that linked the US and UK economies especially up until [[World War I]] because large amounts of capital flowed annually from USA to London after each Autumn Harvest and flowed back again in time for Spring planting. There were recessions, often called panics, in 60 out of the 126 years between 1785 and 1911. The UK's 1844 Bank Act even had to be suspended in 1847, 1857 and in 1866 to prevent the Bank of England's own collapse. During the [[2008 financial crisis]], The UK Treasury with Bank of England staff were especially innovative in providing off-budget solutions to bank bale-outs by offering The Asset protection Scheme, whereby banks could sell large percentages of their loan-books, heavily risk- discounted, to the Central Bank in exchange for Treasury Bills, kept on deposit as part of the banks' regulatory capital. They therefore did not have to finding funding gap finance in the now very expensive short term Money Markets. When US Treasury Secretary [[Henry Paulsen]] learnt of [[Alistair Darling]]'s approach, only then did he realise he had had no need to apply to Congress for [[Troubled Asset Relief Program|TARP]] or closedown [[Lehman Brothers]]. |date=January 2024}} | ||
{{citation needed span |text=The Bank's relationship with the Treasury changed several times, and continues no less intimate than that between US Treasury and The Federal Reserve. The funds which the Bank deploys, including note sat issue, specie in circulation, securities, Gold and foreign exchange reserves. Nationalisation in 1946, after WWII, made little immediate practical difference to the Bank. It remained the Treasury's partner, adviser, agent and debt manager. During War years and after it, and or they together, determined and administered exchange controls and various borrowing restrictions, often on the Chancellor's and therefore The Treasury's behalf. However, a revival of interest in Chicago and Austrian Schools of Monetarism, calling for depoliticised central base-rate policy settings, and claiming much would have been better had that been available during the high inflation 1970s. The re-evaluation of monetary policy roles began in the 1980s but did not result until 1997 in granting The Central Bank sole responsibility for setting interest rates and at the same time no longer be responsible for Government debt management, or, as it turned out, the National Gold Reserve. In 1997 the Government transferred for monetary policy claiming this meant The Bank of England was now a truly fully independent central bank. |date=January 2024}} | {{citation needed span |text=The Bank's relationship with the Treasury changed several times, and continues no less intimate than that between US Treasury and The Federal Reserve. The funds which the Bank deploys, including note sat issue, specie in circulation, securities, Gold and foreign exchange reserves. Nationalisation in 1946, after WWII, made little immediate practical difference to the Bank. It remained the Treasury's partner, adviser, agent and debt manager. During War years and after it, and or they together, determined and administered exchange controls and various borrowing restrictions, often on the Chancellor's and therefore The Treasury's behalf. However, a revival of interest in Chicago and Austrian Schools of Monetarism, calling for depoliticised central base-rate policy settings, and claiming much would have been better had that been available during the high inflation 1970s. The re-evaluation of monetary policy roles began in the 1980s but did not result until 1997 in granting The Central Bank sole responsibility for setting interest rates and at the same time no longer be responsible for Government debt management, or, as it turned out, the National Gold Reserve. In 1997 the Government transferred for monetary policy claiming this meant The Bank of England was now a truly fully independent central bank. |date=January 2024}} | ||
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! Portfolio | ! Portfolio | ||
|- | |- | ||
| {{small| | | {{small|Sir}} '''[[Keir Starmer]]''' | ||
| [[File:Prime Minister Sir Keir Starmer Official Portrait (cropped).jpg|alt=|125x125px]] | | [[File:Prime Minister Sir Keir Starmer Official Portrait (cropped).jpg|alt=|125x125px]] | ||
| [[First Lord of the Treasury]] | | [[First Lord of the Treasury]] | ||
| Formal head of the Treasury, concurrently serves as the [[Prime Minister of the United Kingdom|Prime Minister]]. | | Formal head of the Treasury, concurrently serves as the [[Prime Minister of the United Kingdom|Prime Minister]]. | ||
|- | |- | ||
| | | '''[[Rachel Reeves]]''' | ||
| [[File:Rachel Reeves Official Cabinet Portrait, July 2024 (cropped 2) (cropped).jpg|alt=|125x125px]] | | [[File:Rachel Reeves Official Cabinet Portrait, July 2024 (cropped 2) (cropped).jpg|alt=|125x125px]] | ||
| [[Chancellor of the Exchequer]] | | [[Chancellor of the Exchequer]] | ||
<br> | <br>Second Lord of the Treasury | ||
| Overall responsibility for the department; fiscal policy (including the presenting of the annual Budget); monetary policy, setting inflation targets; ministerial arrangements (in role as Second Lord of the Treasury). | | Overall responsibility for the department; fiscal policy (including the presenting of the annual Budget); monetary policy, setting inflation targets; ministerial arrangements (in role as Second Lord of the Treasury). | ||
|- | |- | ||
| | | '''[[Darren Jones]]''' | ||
| [[File:Darren Jones Official Cabinet Portrait, July 2024 (cropped) 2.jpg|alt=|125x125px]] | | [[File:Darren Jones Official Cabinet Portrait, July 2024 (cropped) 2.jpg|alt=|125x125px]] | ||
| [[Chief Secretary to the Treasury]] | | [[Chief Secretary to the Treasury]] | ||
| Spending reviews and strategic planning; in-year spending control; public sector pay and pensions; Annually Managed Expenditure (AME) and welfare reform; efficiency and value for money in public service; procurement; capital investment; infrastructure spending; housing and planning; spending issues related to trade; transport policy, including HS2, Crossrail 2, Roads, Network Rail, Oxford/Cambridge corridor; Treasury interest in devolution to Scotland, Wales and Northern Ireland; women in the economy; skills, labour market policy and childcare policy, including tax free childcare; tax credits policy; housing and planning; legislative strategy; state pensions/ pensioner benefits; freeports – with support from FST on customs aspects. | | Spending reviews and strategic planning; in-year spending control; public sector pay and pensions; Annually Managed Expenditure (AME) and welfare reform; efficiency and value for money in public service; procurement; capital investment; infrastructure spending; housing and planning; spending issues related to trade; transport policy, including [[HS2]], [[Crossrail 2]], Roads, [[Network Rail]], Oxford/Cambridge corridor; Treasury interest in devolution to Scotland, Wales and Northern Ireland; women in the economy; skills, labour market policy and childcare policy, including tax free childcare; tax credits policy; housing and planning; legislative strategy; state pensions/ pensioner benefits; freeports – with support from FST on customs aspects. | ||
|- | |- | ||
| | | [[Spencer Livermore, Baron Livermore]] | ||
| [[File:Spencer Livermore, Baron Livermore (cropped).jpg|alt=|125x125px]] | | [[File:Spencer Livermore, Baron Livermore (cropped).jpg|alt=|125x125px]] | ||
| [[Financial Secretary to the Treasury]] | | [[Financial Secretary to the Treasury]] | ||
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|- | |- | ||
| [[Emma Reynolds]] | | [[Emma Reynolds]] | ||
| [[File:Official portrait of Emma Reynolds MP crop 2, 2024.jpg|alt=|125x125px]] | | [[File:Official portrait of Emma Reynolds MP crop 2, 2024.jpg|alt=|125x125px]] | ||
| [[Economic Secretary to the Treasury]] | | [[Economic Secretary to the Treasury]] | ||
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|- | |- | ||
| [[James Murray (London politician)|James Murray]] | | [[James Murray (London politician)|James Murray]] | ||
| [[File:Official portrait of James Murray MP crop 2.jpg|alt=|125x125px]] | | [[File:Official portrait of James Murray MP crop 2.jpg|alt=|125x125px]] | ||
| [[Exchequer Secretary to the Treasury]] | | [[Exchequer Secretary to the Treasury]] | ||
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|- | |- | ||
| [[Torsten Bell]] | | [[Torsten Bell]] | ||
| [[File:Official portrait of Torsten Bell MP crop 2.jpg|alt=|125x125px]] | | [[File:Official portrait of Torsten Bell MP crop 2.jpg|alt=|125x125px]] | ||
| Parliamentary Secretary for the Treasury | | Parliamentary Secretary for the Treasury | ||
| Supporting the Treasury's role across government and Treasury ministers in their duties. | | Supporting the Treasury's role across government and Treasury ministers in their duties. | ||
|- | |- | ||
| | | <small>Sir</small> '''[[Alan Campbell (politician)|Alan Campbell]]''' | ||
| [[File:Alan Campbell Official Cabinet Portrait, July 2024 (cropped).jpg|alt=|125x125px]] | | [[File:Alan Campbell Official Cabinet Portrait, July 2024 (cropped).jpg|alt=|125x125px]] | ||
| [[Parliamentary Secretary to the Treasury]] | | [[Parliamentary Secretary to the Treasury]] | ||
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The position of [[Permanent Secretary to the Treasury]] is generally regarded as the second most influential in the [[British Civil Service]]; two recent incumbents have gone on to be [[Cabinet Secretary (United Kingdom)|Cabinet Secretary]], the only post outranking it. | The position of [[Permanent Secretary to the Treasury]] is generally regarded as the second most influential in the [[British Civil Service]]; two recent incumbents have gone on to be [[Cabinet Secretary (United Kingdom)|Cabinet Secretary]], the only post outranking it. | ||
From October 2022, the Permanent Secretary to the Treasury is [[James Bowler (civil servant)|James Bowler]] and there are two Second Permanent Secretaries: [[Cat Little|Catherine Little]] and [[Beth Russell]].<ref>{{Cite web |title=New Permanent Secretary Treasury Team Announced |url=https://www.gov.uk/government/news/new-permanent-secretary-treasury-team-announced |access-date=2022-10-28 |website=GOV.UK |language=en}}</ref> The previous Permanent Secretary, [[ | From October 2022, the Permanent Secretary to the Treasury is [[James Bowler (civil servant)|James Bowler]] and there are two Second Permanent Secretaries: [[Cat Little|Catherine Little]] and [[Beth Russell]].<ref>{{Cite web |title=New Permanent Secretary Treasury Team Announced |url=https://www.gov.uk/government/news/new-permanent-secretary-treasury-team-announced |access-date=2022-10-28 |website=GOV.UK |language=en}}</ref> The previous Permanent Secretary, Sir [[Tom Scholar]], was sacked by Chancellor [[Kwasi Kwarteng]] and Prime Minister [[Liz Truss]] shortly after they took office.<ref>{{Cite web |date=2022-12-13 |title=Treasury perm sec James Bowler: Tom Scholar's departure 'was not normal' |url=https://www.civilserviceworld.com/professions/article/tom-scholar-sacking-treasury-perm-sec-not-normal-james-bowler |access-date=2023-04-24 |website=Civil Service World |language=en}}</ref> | ||
==Guidance== | ==Guidance== | ||
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== Banknote issue == | == Banknote issue == | ||
[[File:HM-treasury-note-10-shillings-bradbury-C.jpg|thumb|300px|A 10-shilling HM Treasury note depicting [[George V]]]] | [[File:HM-treasury-note-10-shillings-bradbury-C.jpg|thumb|300px|A 10-shilling HM Treasury note depicting [[George V]]]] | ||
Banknotes in the UK are normally [[Bank of England note issues|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 [[ | Banknotes in the UK are normally [[Bank of England note issues|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 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.<ref name="treasurynotes1">{{cite web | 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.<ref name="treasurynotes1">{{cite web | ||
Latest revision as of 10:10, 24 June 2025
Template:Short description Template:More citations needed Template:Use dmy dates Template:Infobox government agency <templatestyles src="Hlist/styles.css" />Script error: No such module "Sidebar". His Majesty's Treasury (HM Treasury or HMT), and informally referred to as the Treasury,Template:Refn is the Government of the United Kingdom’s economic and finance ministry.[1] The Treasury is responsible for public spending, financial services policy, taxation, state infrastructure, and economic growth.[2] It is led by the chancellor of the exchequer, currently Rachel Reeves since 5 July 2024. The Treasury's main offices are located in London and Darlington, with additional offices in Edinburgh and Norwich.[2] It is one of the smallest government departments in terms of staff numbers,[3] but widely considered the most powerful.[4][5][6][7]
History
Template:More citations neededTemplate:Cleanup section The origins 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.[8] 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.[9]
The UK Treasury traces its origins to the Treasury of the Kingdom of England, founded by 1126, in the reign of Henry I. The Treasury emerged from the Royal Household. It was where the king kept his treasures, such as in The King's Chamber. 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. Thomas Cromwell transformed the financial administration of the country, restoring authority to the Exchequer and making the King's Chamber, of central importance under Henry VII, back into a small spending department overseeing the Royal Household. The fact that Cromwell had a key post in the old Chamber system as well as being Chancellor of the Exchequer shows how he did this. For the majority of the medieval period the office of the Treasury was within the Exchequer (responsible for managing the royal revenue in addition to collecting and issuing money). As is often the case, wars are expensive and in 1433 war with France led to a deficit of £30,000 – the equivalent of over £100 billion today. Money that the Treasury received was recorded by using tallies. These were sticks with notches marked on them according to the amount of money involved. The stick was cut in two and one half given to the Sheriff as receipt for the money. They were in use until 1834 when a fire destroyed the Palace of Westminster. By 1584, the deficit had been turned into a surplus equivalent to one year's revenue. Monarchs tended to bypass the Exchequer because of its ineffectiveness until it was reformed by Lord Treasurer William Paulet, 1st Marquess of Winchester and his successor, William Cecil, 1st Baron Burghley, under Elizabeth I.
In contrast, the Stuarts failed to enforce limits on inflation, war, corruption and extravagant tendencies and were forced into debt again. In 1667, Charles II was responsible for appointing George Downing, the builder of Downing Street, to radically reform the Treasury and the collection of taxes. The Treasury was first put in commission (placed under the control of several people instead of only one) in May or June 1660.[10]Script error: No such module "Unsubst". The first commissioners were George Monck, 1st Duke of Albemarle, Lord Ashley, (Sir) W. Coventry, (Sir) J. Duncomb, and (Sir) T. Clifford.[11]
The early 1700s saw the meteoric rise of the banking and financial markets, with the emerging stock market revolving around government funds. The ability to raise money by means of creating debt through the issue of bills and bonds heralded the beginning of the National Debt. Improved controls over public spending ensured that creditors were more willing to lend money to the government. By the 1730s an early version of the public spending survey and the annual Budget had been established. In its evolution the Treasury had to learn some valuable lessons. In 1711, the Treasury established a scheme whereby it secured government debt by the authorisation of its subscription into the capital of the South Sea Company, with government creditors in return holding stock in the company. 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. In 1720 the South Sea bubble burst and thousands of investors were affected; such was the outrage that the Chancellor of the Exchequer was sent to the Tower of London. Eventually the First Lord of the Treasury came, however, to be seen as the natural head of government, and from Robert Walpole on, the holder of the office became 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.
If important lessons were learnt that the National Debt (and public finances) require prudent management, when the Exchequer was abolished in 1833, HM Treasury became the ministerial department under the Chancellor of the Exchequer. When the Treasury was under commission, junior Lords were each paid £1,600 a year.[12] It is insensible to consider the Treasury's history without the Bank of England, set up in the 17th century. The argument for England's bank grew after the Glorious Revolution of 1688 when William of Orange and Queen Mary ascended to England's throne. London-based Scottish entrepreneur, William Paterson proposed a "Bank of England" with a "fund for perpetual Interest" (not yet bonds or bills) that was passed by Parliament, supported by Charles Montagu, Chancellor of the Exchequer and Michael Godfrey, another leading City merchant. The public were invited to invest subscriptions totalling £1.2 million forming the initial capital stock onward loaned to the Government in return for a Royal Charter. At the same time the National Debt was born, paper money came into existence.
Ministers
Chancellor of the Exchequer
Script error: No such module "Labelled list hatnote". Although the Kingdoms of Great Britain and Ireland had been united by the Acts of Union 1800, the exchequers of the two kingdoms were not consolidated until 1817 under the Consolidated Fund Act 1816 (56 Geo. 3. c. 98).[13][14] For the holders of the Irish office before this date, see Chancellor of the Exchequer of Ireland.
Current Treasury Ministers
As of 14 January 2025,[15] the Treasury Ministers are as follows, with cabinet ministers in bold:
| Minister | Portrait | Office | Portfolio |
|---|---|---|---|
| SirScript error: No such module "Check for unknown parameters". Keir Starmer | File:Prime Minister Sir Keir Starmer Official Portrait (cropped).jpg | First Lord of the Treasury | Formal head of the Treasury, concurrently serves as the Prime Minister. |
| Rachel Reeves | File:Rachel Reeves Official Cabinet Portrait, July 2024 (cropped 2) (cropped).jpg | Chancellor of the Exchequer
|
Overall responsibility for the department; fiscal policy (including the presenting of the annual Budget); monetary policy, setting inflation targets; ministerial arrangements (in role as Second Lord of the Treasury). |
| Darren Jones | File:Darren Jones Official Cabinet Portrait, July 2024 (cropped) 2.jpg | Chief Secretary to the Treasury | Spending reviews and strategic planning; in-year spending control; public sector pay and pensions; Annually Managed Expenditure (AME) and welfare reform; efficiency and value for money in public service; procurement; capital investment; infrastructure spending; housing and planning; spending issues related to trade; transport policy, including HS2, Crossrail 2, Roads, Network Rail, Oxford/Cambridge corridor; Treasury interest in devolution to Scotland, Wales and Northern Ireland; women in the economy; skills, labour market policy and childcare policy, including tax free childcare; tax credits policy; housing and planning; legislative strategy; state pensions/ pensioner benefits; freeports – with support from FST on customs aspects. |
| Spencer Livermore, Baron Livermore | File:Spencer Livermore, Baron Livermore (cropped).jpg | Financial Secretary to the Treasury | Leading on the UK tax system including direct, indirect, business, property and personal taxation; corporate and small business taxation; Value Added Tax (VAT); European and international tax issues; overall responsibility for the Finance Bill; National Insurance Bill; customs policy; HMRC planning and delivery of our future partnership with the EU; departmental Minister for HM Revenue and Customs and the Valuation Office Agency and the Government Actuary's Department; tariffs policy; trade policy; freeports (CST policy lead – FST support on customs); infrastructure policy:
National Infrastructure Strategy, National Infrastructure Commission; Infrastructure and Projects Authority (IPA, joint with Cabinet Office); Public – Private Partnerships; (PPPs) and Private Finance Initiatives (PFI/PFI2); parliamentary deputy on public spending issues. |
| Emma Reynolds | File:Official portrait of Emma Reynolds MP crop 2, 2024.jpg | Economic Secretary to the Treasury | Banking and financial services reform and regulation; financial stability, including relationship with the PRA; financial conduct, including relationship with the FCA; financial services including all banking, insurance, asset management; retail financial services, including banking competition, consumer finance, financial advice and capability; bank lending and access to finance; financial Inclusion (lead on the government's financial inclusion agenda); access to affordable; credit, including credit unions; women in finance agenda; EU financial services including EU exit and decisions as a member state; city competitiveness, including global financial markets, Global Financial Partnerships and financial services trade; green finance, Islamic finance, and Fintech; financial services taxation, including bank levy, bank corp. tax surcharge, IPT; personal savings tax and pensions tax policy; sponsorship of UKGI and State owned financial assets – RBS, UKAR; financial sanctions and countering economic crime and illicit finance; foreign exchange reserves and debt management policy, National Savings and Investments and the Debt Management Office; cash and payments including, Royal Mint
Parliamentary deputy on economy issues. |
| James Murray | File:Official portrait of James Murray MP crop 2.jpg | Exchequer Secretary to the Treasury | The UK tax system including: Direct, indirect, business, property, and personal taxation; European and other international tax issues; Customs and VAT at the border; The Finance Bill and the National Insurance Bill; Departmental Minister for HM Revenue and Customs (HMRC), the Valuation Office Agency, and the Government's Actuary's Department; Tax administration policy; Input to Investment Zones and Freeports focussing on tax and customs elements; Overall responsibility for retained EU Law and Brexit opportunities. |
| Torsten Bell | File:Official portrait of Torsten Bell MP crop 2.jpg | Parliamentary Secretary for the Treasury | Supporting the Treasury's role across government and Treasury ministers in their duties. |
| Sir Alan Campbell | File:Alan Campbell Official Cabinet Portrait, July 2024 (cropped).jpg | Parliamentary Secretary to the Treasury | Government Chief Whip, though formally a junior minister in the Treasury. |
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Timeline
1817–2020
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width:5 align:left fontsize:S shift:(5,-4) anchor:till bar:Vansittart from: 12/07/1817 till: 31/01/1823 color:tory text:"Nicholas Vansittart" bar:JohnRobinson from: 31/01/1823 till: 27/04/1827 color:tory text:"Frederick John Robinson" bar:Canning from: 27/04/1827 till: 08/08/1827 color:tory text:"George Canning" bar:Abbott from: 08/08/1827 till: 05/09/1827 color:tory text:"Charles Abbott bar:CharlesHerries from: 05/09/1827 till: 26/01/1828 color:tory text:"John Charles Herries" bar:Goulburn from: 26/01/1828 till: 22/11/1830 color:tory from: 03/09/1841 till: 30/08/1846 color:conservative text:"Henry Goulburn" bar:Spencer from: 22/11/1830 till: 14/11/1834 color:whig text:"John Spencer" bar:Denman from: 14/11/1834 till: 15/12/1834 color:whig text:"Thomas Denman" bar:Peel from: 15/12/1834 till: 08/04/1835 color:conservative text:"Robert Peel" bar:SpringRice from: 18/04/1835 till: 26/08/1839 color:whig text:"Thomas Spring Rice" bar:Baring from: 26/08/1839 till: 30/08/1841 color:whig text:"Francis Baring" bar:CWood from: 06/07/1846 till: 21/02/1852 color:whig text:"Charles Wood" bar:Disraeli from: 27/02/1852 till: 17/12/1852 color:conservative from: 26/02/1858 till: 11/06/1859 color:conservative from: 06/07/1866 till: 29/02/1868 color:conservative text:"Benjamin Disraeli" bar:Gladstone from: 28/12/1852 till: 28/02/1855 color:peelite from: 18/06/1859 till: 26/06/1866 color:liberal from: 11/08/1873 till: 17/02/1874 color:liberal from: 28/04/1880 till: 16/12/1882 color:liberal text:"William Ewart Gladstone" bar:CornewallLewis from: 28/02/1855 till: 21/02/1858 color:whig text:"George Cornewall Lewis" bar:WardHunt from: 29/02/1868 till: 01/12/1868 color:conservative text:"George Ward Hunt" bar:Lowe from: 09/12/1868 till: 11/08/1873 color:liberal text:"Robert Lowe" bar:Northcote from: 21/02/1874 till: 21/04/1880 color:conservative text:"Stafford Northcote" bar:Childers from: 16/12/1882 till: 09/06/1885 color:liberal text:"Hugh Childers" bar:HicksBeach from: 24/06/1885 till: 28/01/1886 color:conservative from: 29/06/1895 till: 11/08/1902 color:conservative text:"Michael Hicks Beach bar:Hardcourt from: 06/02/1886 till: 20/07/1886 color:liberal from: 18/08/1892 till: 21/06/1895 color:liberal text:"William Hardcourt bar:RChurchill from: 03/08/1886 till: 22/12/1886 color:conservative text:"Randolph Churchill" bar:Goschen from: 14/01/1887 till: 11/08/1892 color:libunionist text:"George Goschen" bar:Ritchie from: 11/08/1902 till: 09/10/1903 color:conservative text:"Charles Ritchie" bar:AChamberlain from: 09/10/1903 till: 04/12/1905 color:libunionist from: 10/01/1919 till: 01/04/1921 color:conservative text:"Austin Chamberlain" bar:Asquith from: 10/12/1905 till: 16/04/1908 color:liberal text:"H. H. Asquith" bar:LloydGeorge from: 16/04/1908 till: 25/05/1915 color:liberal text:"David Lloyd George" bar:McKenna from: 25/05/1915 till: 10/12/1916 color:liberal text:"Reginald McKenna" bar:BonarLaw from: 10/12/1916 till: 10/01/1919 color:conservative text:"Bonar Law" bar:Horne from: 01/04/1921 till: 27/10/1922 color:conservative text:"Robert Horne" bar:Baldwin from: 27/10/1922 till: 27/08/1923 color:conservative text:"Stanley Baldwin" bar:NChamberlain from: 27/08/1923 till: 22/01/1924 color:conservative from: 05/11/1931 till: 28/05/1937 color:conservative text:"Neville Chamberlain" bar:Snowden from: 22/01/1924 till: 03/11/1924 color:labour from: 07/06/1929 till: 24/08/1931 color:labour from: 24/08/1931 till: 05/11/1931 color:natlabour text:"Philip Snowden bar:Churchill from: 06/11/1924 till: 04/06/1929 color:conservative text:"Winston Churchill" bar:Simon from: 28/05/1937 till: 12/05/1940 color:natliberal text:"John Simon" bar:KWood from: 12/05/1940 till: 21/09/1943 color:conservative text:"Kingsley Wood" bar:Anderson from: 24/09/1943 till: 26/07/1945 color:independent text:"John Anderson" bar:Dalton from: 27/07/1945 till: 13/11/1947 color:labour text:"Hugh Dalton" bar:Cripps from: 13/11/1947 till: 19/10/1950 color:labour text:"Stafford Cripps" bar:Gaitskell from: 19/10/1950 till: 26/10/1951 color:labour text:"Hugh Gaitskell" bar:Butler from: 26/10/1951 till: 20/12/1955 color:conservative text:"Rab Butler" bar:Macmillan from: 20/12/1955 till: 13/01/1957 color:conservative text:"Harold Macmillan" bar:Thorneycroft from: 13/01/1957 till: 06/01/1958 color:conservative text:"Peter Thorneycroft" bar:Heathcoat-Amory from: 06/01/1958 till: 27/07/1960 color:conservative text:"Derick Heathcoat-Amory" bar:Lloyd from: 27/07/1960 till: 13/07/1962 color:conservative text:"Selwyn Lloyd" bar:Maudling from: 16/07/1962 till: 16/10/1964 color:conservative text:"Reginald Maudling" bar:Callaghan from: 17/10/1964 till: 29/11/1967 color:labour text:"James Callaghan" bar:Jenkins from: 29/11/1967 till: 19/06/1970 color:labour text:"Roy Jenkins" bar:Macleod from: 20/06/1970 till: 20/07/1970 color:conservative text:"Iain Macleod" bar:Barber from: 25/07/1970 till: 04/03/1974 color:conservative text:"Anthony Barber" bar:Healey from: 05/03/1974 till: 04/05/1979 color:labour text:"Denis Healey" bar:Howe from: 04/05/1979 till: 11/06/1983 color:conservative text:"Geoffrey Howe" bar:Lawson from: 11/06/1983 till: 26/10/1989 color:conservative text:"Nigel Lawson" bar:Major from: 26/10/1989 till: 28/11/1990 color:conservative text:"John Major" bar:Lamont from: 28/11/1990 till: 27/05/1993 color:conservative text:"Norman Lamont" bar:Clarke from: 27/05/1993 till: 02/05/1997 color:conservative text:"Kenneth Clarke" bar:Brown from: 02/05/1997 till: 27/06/2007 color:labour text:"Gordon Brown" bar:Darling from: 28/06/2007 till: 11/05/2010 color:labour text:"Alistair Darling" bar:Osborne from: 11/05/2010 till: 13/07/2016 color:conservative text:"George Osborne" bar:Hammond from: 13/07/2016 till: 24/07/2019 color:conservative text:"Philip Hammond" bar:Javid from: 24/07/2019 till: 13/02/2020 color:conservative text:"Sajid Javid" bar:Sunak from: 13/02/2020 till: 05/07/2022 color:conservative text:"Rishi Sunak" bar:Zahawi from: 05/07/2022 till: 06/09/2022 color:conservative text:"Nadhim Zahawi" bar:Kwarteng from: 06/09/2022 till: 14/10/2022 color:conservative text:"Kwasi Kwarteng" bar:Hunt from: 14/10/2022 till: 05/07/2024 color:conservative text:"Jeremy Hunt" bar:Reeves from: 05/07/2024 till: $now color:labour text:"Rachel Reeves"
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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 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.
Permanent secretaries
Template:UKtaxation The position of Permanent Secretary to the Treasury is generally regarded as the second most influential in the British Civil Service; two recent incumbents have gone on to be Cabinet Secretary, the only post outranking it.
From October 2022, the Permanent Secretary to the Treasury is James Bowler and there are two Second Permanent Secretaries: Catherine Little and Beth Russell.[16] The previous Permanent Secretary, Sir Tom Scholar, was sacked by Chancellor Kwasi Kwarteng and Prime Minister Liz Truss shortly after they took office.[17]
Guidance
The Treasury publishes cross-government guidance including Managing Public Money [18] and The Green Book: Central Government Guidance on appraisal and evaluation, current version dated 2020.[19] Managing Public Money includes a definition of "value for money" and sets out the responsibilities of an Accounting Officer within central government:<templatestyles src="Template:Blockquote/styles.css" />
Value for money ... means securing the best mix of quality and effectiveness for the least outlay over the period of use of the goods or services bought. It is not about minimising up front prices.[20]
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The responsibilities of an Accounting Officer [include] responsibility for the propriety and regularity of the public finances for which the Accounting Officer is answerable, for keeping proper records and for safeguarding the department’s assets.[21]
Script error: No such module "Check for unknown parameters". The Treasury appoints the permanent head of each central government department to be its Accounting Officer.[22]
The Green Book includes the historic five case model, which requires consideration of the policy, economic, commercial, financial and management dimensions of a proposed project.[19]Template:Rp
Banknote issue
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 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.[23]
Associated public bodies
Executive agencies of HM Treasury
- Government Internal Audit Agency
- UK Debt Management Office, reporting to the Economic Secretary to the Treasury, is responsible for government borrowing operations.
Other bodies reporting to Treasury ministers
- HM Revenue & Customs, a non-ministerial government department for which the responsible minister is the Exchequer Secretary
- Valuation Office Agency, an executive agency of HM Revenue and Customs
- National Infrastructure and Service Transformation Authority, a body reporting to HM Treasury and the Cabinet Office
- National Savings and Investments, a Treasury-owned savings bank
- Office for Budget Responsibility, a non-departmental public body of HM Treasury
- UK Government Investments, a Treasury-owned holding company
- National Wealth Fund, a Treasury-owned fund
- Reclaim Fund, a Treasury-owned company operating the Dormant Assets Scheme
- Royal Mint, a Treasury-owned coinage company
History of the Treasury Main Building
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The Treasury Main Building at 1 Horse Guards Road, often referred to as the Government Offices, Great George Street (GOGGS), was designed by John Brydon following a competition.[24] Construction took place in two phases. The West end was completed in 1908 and the East end was completed in 1917.[24] It was originally built as offices for the Board of Education, the Local Government Board, and the Ministry of Works Office; HM Treasury moved into the building in 1940.[24] A major refurbishment of the building was procured under a Private Finance Initiative contract in 2000. The works, which were designed by Foster and Partners together with Feilden and Mawson and carried out by Bovis Lend Lease at a cost of £140 million, were completed in 2002.[25]
See also
- Budget of the United Kingdom
- Economy of the United Kingdom
- List of lords commissioners of the Treasury
- List of lord high treasurers of England and Great Britain
- Lord High Treasurer
References
External links
- Template:Official website
- Template:Delink's channel on YouTubeScript error: No such module "Check for unknown parameters".
Template:HM Treasury Template:Ministers at HM Treasury Template:Economy of the United Kingdom Template:Departments of the United Kingdom Government Template:Authority control
- ↑ Script error: No such module "citation/CS1".
- ↑ a b Script error: No such module "citation/CS1".
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- ↑ Script error: No such module "citation/CS1".
- ↑ Script error: No such module "Citation/CS1".; 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 Template:ISBN 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 Template:ISBN sourced – Template:Cite DNB; Secondary – [1] from Cambridge Dictionaries
- ↑ (Baron) T B Macaulay – History of England, Volume 1 CUP Archive, 18 January 2012 Retrieved 2012-06-25
- ↑ Template:Cite act
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- ↑ H M Treasury, Managing Public Money, last updated 3 June 2021, accessed 19 December 2021
- ↑ a b H M Treasury, The Green Book: Central Government Guidance on appraisal and evaluation, current version dated 2020, accessed 19 December 2021
- ↑ Template:Cite report
- ↑ Template:OGL-attribution
- ↑ HM Treasury, Managing Public Money, section 3.2.1, published May 2023, accessed on 29 August 2024
- ↑ Script error: No such module "citation/CS1".
- ↑ a b c HM Treasury: About GOGGS
- ↑ Script error: No such module "citation/CS1".