This article will be permanently flagged as inappropriate and made unaccessible to everyone. Are you certain this article is inappropriate? Excessive Violence Sexual Content Political / Social
Email Address:
Article Id: WHEBN0000176736 Reproduction Date:
Politics portal
Her Majesty's Treasury (HM Treasury), sometimes referred to as the Exchequer, or more informally the Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy. The Treasury maintains OSCAR, the replacement for COINS (Combined Online Information System), which contains a detailed analysis of departmental spending under thousands of category headings.[4] and from which the Whole of Government Accounts are now produced.
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.[5][6][7] This claim is based on an entry in the Domesday Book showing the individual Henry "the treasurer" as a landowner in Winchester, the place where the royal treasure was stored.[8]
The Treasury of the United Kingdom thus traces its origins to the Treasury of the 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.[9] The first commissioners were the Duke of Albermarle, Lord Ashley, (Sir) W. Coventry, (Sir) J. Duncomb, and (Sir) T. Clifford.[10][11] 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 sixteen hundred pounds a year.[12]
The first word in the department's name is changed depending upon who is the reigning monarch. If the monarch is male, the department is His Majesty's Treasury. If the monarch is female, as is currently the case under Queen Elizabeth II, the department is Her Majesty's Treasury.
The Treasury Ministers are as follows:[13]
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 Lord Commissioner of HM Treasury, though they are all members of the House of Commons. 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.
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 both gone on to be Cabinet Secretary, the only post outranking it.
As of May 2015, the Second Permanent Secretary is John Kingman.[14] Between 2007 and 2010, the post of Head of the Government Economic Service (GES) was held jointly by the Managing Director of Macroeconomic and Fiscal Policy in HM Treasury, Dave Ramsden, and Vicky Pryce, Chief Economist in the Department for Business, Innovation and Skills. Ramsden is now sole Head of the GES. The previous Head of the GES was Sir Nick Stern. Management support for GES members is provided by the Economists in Government team, which is located in HM Treasury's building.
Banknotes in the UK are normally
The Treasury Main Building at 1 John Brydon following a competition.[16] Construction took place in two phases. The West end was completed in 1908 and the East end was completed in 1917.[16] It was originally built as offices for Board of Education, the Local Government Board, and the Ministry of Works Office; HM Treasury did not move into the building until 1940.[16] A major refurbishment of the building was completed under a PFI contract by Bovis Lend Lease in 2004.[17]
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.[15]
Isle of Man, India, Canada, European Union, British Overseas Territories
United Kingdom, Intellectual property, Ordnance Survey, Departments of the United Kingdom Government, England
United Kingdom, Scotland, Wales, England, National Insurance
Charles, Prince of Wales, Prince Philip, Duke of Edinburgh, Anne, Princess Royal, Queen Victoria, House of Windsor
United Kingdom, Politics of the United Kingdom, Supreme Court of the United Kingdom, Northern Ireland, Scotland
HM Treasury, Taxation in the United Kingdom, National Insurance, Departments of the United Kingdom Government, Department for Business, Innovation and Skills
HM Treasury, Gordon Brown, United Kingdom, Tony Blair, David Cameron
HM Treasury, United Kingdom budget, United Kingdom general election, 2010, Chancellor of the Exchequer, United Kingdom
Gordon Brown, Benjamin Disraeli, Conservative Party (UK), William Ewart Gladstone, United Kingdom
HM Treasury, Gordon Brown, Tony Blair, National Union of Students (United Kingdom), Bbc