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Her Majesty's Treasury (HM Treasury), sometimes referred to as the Exchequer, or more informally the Treasury, is the department of the Government of the United Kingdom responsible for developing and executing the government's
public finance Public finance is the study of the role of the government A government is the system or group of people governing an organized community, generally a state State may refer to: Arts, entertainment, and media Literature * ''Sta ...
policy and
economic policy The economic policy of government A government is the system or group of people governing an organized community, generally a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly ...
. The Treasury maintains the Online System for Central Accounting and Reporting (OSCAR), the replacement for the
Combined Online Information System The Combined Online Information System (COINS) is a database containing HM Treasury Her Majesty's Treasury (HM Treasury), sometimes referred to as the Exchequer, or more informally the Treasury, is the Departments of the Government of the United ...
(COINS), which itemises departmental spending under thousands of category headings, and from which the
Whole of Government AccountsWhole of Government Accounts (WGA) is the annual publication by the United Kingdom UK Government, Government of the consolidated financial statements of over 5,500 organisations across the public sector. It aims to provide more complete data for fisc ...
(WGA) annual financial statements are produced. The possessive adjective in the department's name varies depending upon the
gender Gender is the range of characteristics pertaining to, and differentiating between femininity Femininity (also called womanliness or girlishness) is a set of attributes, behaviors, and roles generally associated with women A woman is ...

gender
of the reigning
monarch A monarch is a head of state A head of state (or chief of state) is the public persona A persona (plural personae or personas), depending on the context, can refer to either the public image of one's personality, or the social role tha ...
.


History

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 William I (c. 1028Bates ''William the Conqueror'' p. 33 – 9 September 1087), usually known as William the Conqueror and sometimes William the Bastard, was the first House of Normandy, Norman List of English monarchs, monarch of Engl ...

William the Conqueror
. This claim is based on an entry in the
Domesday Book Domesday Book () – the Middle English Middle English (abbreviated to ME) was a form of the English language spoken after the Norman conquest of England, Norman conquest (1066) until the late 15th century. The English language underwent ...
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 The Kingdom of England (Latin Latin (, or , ) is a classical language A classical language is a language A language is a structured system of communication Communication (from Latin ''communicare'', meaning "to share" or ...

Kingdom of England
, which had come into existence by 1126, in the reign of
Henry IHenry I may refer to: 876–1366 * Henry I the Fowler, King of Germany (876–936) * Henry I, Duke of Bavaria (died 955) * Henry I of Austria, Margrave of Austria (died 1018) * Henry I of France (1008–1060) * Henry I the Long, Margrave of the Nord ...

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 post of Lord High Treasurer or Lord Treasurer was an English government position and has been a British government position since the Acts of Union of 1707. A holder of the post would be the third-highest-ranked Great Officer of State ...
. Starting in
Tudor Tudor most commonly refers to: * House of Tudor, English royal house of Welsh origins ** Tudor period, a historical era in England coinciding with the rule of the Tudor dynasty Tudor may also refer to: Architecture * Tudor architecture, the fi ...
times, the Lord Treasurer became one of the chief officers of state, and competed with the
Lord Chancellor The Lord Chancellor, formally the Lord High Chancellor of Great Britain, is the highest-ranking among the Great Officers of State In the United Kingdom, the Great Officers of State are traditional ministers of The Crown who either inheri ...
for the principal place. In 1667,
Charles II of England Charles II (29 May 1630 – 6 February 1685) was King of Scotland The monarchy of the United Kingdom, commonly referred to as the British monarchy, is the constitutional monarchy, constitutional form of government by which a hereditary m ...

Charles II of England
was responsible for appointing George Downing, the builder of
Downing Street Downing Street is a long street in the City of Westminster The City of Westminster is a City status in the United Kingdom, city and London boroughs, borough in Inner London which forms a core part of Central London. It is the site 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. 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 The First Lord of the Treasury is the head of the commission Commission or commissioning may refer to: Business and contracting * Commission (remuneration), a form of payment to an agent for services rendered ** Commission (art), the purchase o ...
came to be seen as the natural head of government, and from
Robert Walpole Robert Walpole, 1st Earl of Orford, (26 August 1676 – 18 March 1745; known between 1725 and 1742 as Sir Robert Walpole) was a British British may refer to: Peoples, culture, and language * British people, nationals or natives of the Unit ...

Robert Walpole
on, the holder of the office began to be known, unofficially, as the
Prime Minister A prime minister or a premier is the head of the cabinet Cabinet or The Cabinet may refer to: Furniture * Cabinetry, a box-shaped piece of furniture with doors and/or drawers * Display cabinet, a piece of furniture with one or more transpa ...
. Until 1827, the First Lord of the Treasury, when a commoner, also held the office of
Chancellor of the Exchequer The chancellor of the Exchequer, often abbreviated to the chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and the chief executive officer of HM Treasury, Her Majesty's Treasury. As one of the four Grea ...
, 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.


Ministers

As of September 2021, the Treasury Ministers are as follows:


Whips

Some of the government
whips A whip is a tool designed to strike humans or other animals to exert control through pain compliance Pain compliance is the use of painful stimulus to control or direct an organism. The stimulus can be manual (brute force, placing pressure on ...
are also associated in name with the Treasury: the
Chief Whip The Chief Whip is a political leader whose task is to ensure the Whip (politics), whipping system that tries to ensure that members of the Political party, party attend and vote as the party leadership desires. United Kingdom In Politics of ...
is nominally
Parliamentary Secretary to the Treasury The Parliamentary Secretary to the Treasury is a senior ministerial position in the British Government The Government of the United Kingdom, domestically referred to as Her Majesty's Government, is the central government of the United Kingdo ...
and traditionally had an office in 12 Downing Street. Some of the other whips are nominally
Lords Commissioners of the TreasuryIn the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to u ...
, though they are all members of the
House of Commons The House of Commons is the name for the elected lower house A lower house is one of two chambers Chambers may refer to: Places Canada: *Chambers Township, Ontario United States: *Chambers County, Alabama *Chambers, Arizona, an unincorpor ...

House of Commons
. Being a whip is a party, rather than a government, position; the appointments to the Treasury are
sinecure A sinecure ( or ; from Latin ''sine'' 'without' and ''cura'' 'care') is an office, carrying a salary or otherwise generating income, that requires or involves little or no responsibility, labour, or active service. The term originated in the medi ...
positions which allow the whips to be paid ministerial salaries. This has led to the Government
front bench In many parliament In modern politics and history, a parliament is a legislature, legislative body of government. Generally, a modern parliament has three functions: Representation (politics), representing the Election#Suffrage, electora ...
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

The position of
Permanent Secretary
Permanent Secretary
of HM Treasury is generally regarded as the second most influential in the
British Civil Service Her Majesty's Home Civil Service, also known as Her Majesty's Civil Service or the Home Civil Service, is the permanent bureaucracy The term bureaucracy () may refer both to a body of non-elected governing officials and to an administrative ...
; two recent incumbents have gone on to be
Cabinet Secretary#REDIRECT Cabinet secretary#REDIRECT Cabinet secretary {{Redirect category shell, {{R from move {{R from miscapitalization ...
{{Redirect category shell, {{R from move {{R from miscapitalization ...
, the only post outranking it. * Francis Mowatt (1894–1903) *
George MurrayGeorge Murray may refer to: Arts *George Murray (musician), bass guitarist *George Murray (poet) (born 1971), Canadian poet Military *Lord George Murray (general) (1694–1760), Jacobite general *George Murray (Royal Navy officer, born 1741) ( ...
(1903–1911) * John Bradbury (1913–1919) * Robert Chalmers (1916–1919) *
Warren Fisher 200px, Warren Fisher Sir Norman Fenwick Warren Fisher (22 September 1879 – 25 September 1948) was a British civil servant The civil service is a collective term for a sector of government composed mainly of career civil servants hired on ...

Warren Fisher
(1919–1939) * Horace Wilson (1939–1942) * Richard Hopkins (1942–1945) * Edward Bridges (1945–1956) * Roger Makins (1956–1959) * Frank Lee (1960–1962) *
Norman Brook Norman Craven Brook, 1st Baron Normanbrook, (29 April 1902 – 15 June 1967), known as Sir Norman Brook between 1946 and 1964, was a British civil servant. He was Cabinet Secretary between 1947 and 1962 as well as joint permanent secretary to HM T ...
(1956–1963) * Laurence Helsby (1963–1968) * William Armstrong (1962–1968) * Douglas Allen (1968–1974) * Douglas Wass (1974–1983) * Peter Middleton (1983–1991) * Terence Burns (1991–1998) * Andrew Turnbull (1998–2002) *
Gus O'Donnell Augustine Thomas O'Donnell, Baron O'Donnell, (born 1 October 1952) is a former British senior civil servant The civil service is a collective term for a sector of government composed mainly of career civil servants hired on professional merit ra ...
(2002–2005) * Nicholas Macpherson (2005–2016) *
Tom Scholar Sir Thomas Whinfield Scholar Knight Commander of the Order of the Bath, KCB (born 17 December 1968) is a British civil servant currently serving as Permanent Secretary at HM Treasury. Scholar was previously the Prime Minister's Adviser on Europea ...
(since 2016) As of July 2016 the Second Permanent Secretary is Charles Roxburgh. Between 2007 and 2010, the post of Head of the
Government Economic Service The Government Economic Service (GES) is a professional grouping of public sector economists who work across some 40 departments and agencies of Her Majesty's Government The Government of the United Kingdom, domestically referred to as Her ...
(GES) was held jointly by the Managing Director of Macroeconomic and Fiscal Policy in HM Treasury,
Dave Ramsden
Dave Ramsden
, and
Vicky Pryce Vasiliki "Vicky" Pryce (' Kourmouzi ( el, Βασιλική Κουρμούζη); born July 1952) is a Greek-born British economist An economist is a practitioner in the social sciences, social science discipline of economics. The individual may ...
, Chief Economist in the
Department for Business, Innovation and Skills , type = Department , logo = Department for Business, Innovation and Skills logo.svg , logo_width = 200px , logo_caption = , picture = File:Лондан. 2014. Жнівень 26.JPG , seal = , se ...
. Ramsden is now sole Head of the GES. The previous Head of the GES was
Sir Nick Stern
Sir Nick Stern
. Management support for GES members is provided by the Economists in Government team, which is located in HM Treasury's building.


Guidance

The Treasury publishes cross-government guidance including ''Managing Public Money'' and ''The Green Book: Central Government Guidance on appraisal and evaluation'', current version dated 2020.H M Treasury
The Green Book: Central Government Guidance on appraisal and evaluation
current version dated 2020, accessed 19 December 2021
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.


Banknote issue

Banknotes in the UK are normally issued by the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker, and still one of the bankers for t ...

Bank of England
and a number of commercial banks (see
Banknotes of the pound sterling Sterling banknotes are the banknotes in circulation in the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Br ...
). At the start of the
First World War World War I, often abbreviated as WWI or WW1, also known as the First World War or the Great War, was a global war A world war is "a war War is an intense armed conflict between states State may refer to: Arts, entertainmen ...
, 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 George V (George Frederick Ernest Albert; 3 June 1865 – 20 January 1936) was King of the United Kingdom There have been 12 British monarchs There have been 12 British monarchs since the political union A political union is a typ ...

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 The partition of Ireland ( ga, críochdheighilt na hÉireann) was the process by which the Government of the United Kingdom of Great Britain and Ireland The United Kingdom of Great Britain and Ireland was a sovereign state A soverei ...
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 The Currency and Bank Notes Act 1928 (18 & 19 Geo. V c.13) is an Act of Parliament, Act of the Parliament of the United Kingdom relating to banknotes. Among other things, it makes it a Crime, criminal offence to deface a banknote. Notes External ...
returned note-issuing powers to the banks.


Associated public bodies


Executive agencies of HM Treasury

* UK Debt Management Office, reporting to the Economic Secretary to the Treasury, is responsible for government borrowing operations.


Other bodies reporting to Treasury ministers

*
Her Majesty's Revenue and Customs , type = Non-ministerial government department Non-ministerial government departments (NMGDs) are a type of Departments of the Government of the United Kingdom, department of the Government of the United Kingdom that deal with matters for whic ...
, a
non-ministerial government department Non-ministerial government departments (NMGDs) are a type of department of the Government of the United Kingdom that deal with matters for which direct political oversight has been judged unnecessary or inappropriate. They are headed by senior c ...
for which the responsible minister is the Exchequer Secretary **
Valuation Office Agency The Valuation Office Agency is a government body in England and Wales. It is an executive agency An executive agency is a part of a government department that is treated as managerially and budgetarily separate, to carry out some part of the e ...
, an
executive agency An executive agency is a part of a government department that is treated as managerially and budgetarily separate, to carry out some part of the executive functions of the United Kingdom government, Scottish Government, Welsh Government or Nort ...
of HM Revenue and Customs *
National Savings and Investments National Savings and Investments (NS&I), formerly called the Post Office Savings Bank and National Savings, is a state-owned savings bank in the United Kingdom. It is both a non-ministerial government department and an executive agency of HM Treasu ...
, an executive agency of the Chancellor of the Exchequer *
Office for Budget Responsibility The Office for Budget Responsibility (OBR) is a non-departmental public bodyIn the United Kingdom, non-departmental public body (NDPB) is a classification applied by the Cabinet Office, HM Treasury, Treasury, the Scottish Government and the Norther ...
, a
non-departmental public body In the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer t ...
of HM Treasury * Office of Tax Simplification, an independent office of HM Treasury *
Royal Mint The Royal Mint is a government-owned mint MiNT is Now TOS (MiNT) is a free software Free software (or libre software) is computer software distributed under terms that allow users to run the software for any purpose as well as to stud ...
, a Treasury-owned coinage company *
UK Financial Investments UK Financial Investments (UKFI) was a limited company In a limited company, the liability of members or subscribers of the company A company, abbreviated as co., is a Legal personality, legal entity representing an association of people, whet ...
, a Treasury-owned company with UK banking interests


History of the Treasury Main Building

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.HM Treasury: About GOGGS
/ref> Construction took place in two phases. The West end was completed in 1908 and the East end was completed in 1917. It was originally built as offices for the
Board of Education A board of education, school committee or school board is the board of directors or board of trustees of a school, local school district or equivalent. The elected council determines the educational policy in a small regional area, such as a c ...
, the
Local Government Board The Local Government Board (LGB) was a British Government The Government of the United Kingdom, domestically referred to as Her Majesty's Government, is the central government of the United Kingdom of Great Britain and Northern Ireland.
, and the Ministry of Works Office; HM Treasury moved into the building in 1940. A major refurbishment of the building was procured under a
Private Finance Initiative The private finance initiative (PFI) was a United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym ...
contract in 2000. The works, which were designed by
Foster and Partners Foster + Partners is a British architectural, engineering, and integrated design Integration may refer to: Biology *Modular integration, where different parts in a module have a tendency to vary together *Multisensory integration *Path inte ...
together with Feilden and Mawson and carried out by
Bovis Lend Lease Lendlease Project Management & Construction (formerly Bovis Lend Lease, trading as A trade name, trading name, or business name is a pseudonym A pseudonym () or alias () (originally: ψευδώνυμος in Greek) is a fictitious name that a ...
at a cost of £140 million, were completed in 2002.


Guidance

The Treasury publishes cross-government guidance including ''The Green Book: appraisal and evaluation in central government''.


See also

*
Economy of the United Kingdom The economy of the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom ...
*
List of Lords Commissioners of the Treasury This is a list of Lord High Treasurer, Lords Commissioners of the Treasury of Kingdom of Great Britain, Great Britain. In modern times, the Lords Commissioners of the Treasury are the Prime Minister of the United Kingdom, Prime Minister (who is als ...
*
List of Lord High Treasurers of England and Great Britain This is a list of Lord High Treasurer The post of Lord High Treasurer or Lord Treasurer was an Lord High Treasurers of England, English government position and has been a British government position since the Acts of Union of 1707. A holder ...
*
Lord High Treasurer The post of Lord High Treasurer or Lord Treasurer was an English government position and has been a British government position since the Acts of Union of 1707. A holder of the post would be the third-highest-ranked Great Officers of State (Un ...
*
United Kingdom budget The Budget A budget is a financial plan for a defined period, often one year. It may also include planned sales volumes and revenue In accounting, revenue is the income or increase in net assets that an entity has from its normal activities ...


References


External links

*
HM Treasury YouTube channel
{{DEFAULTSORT:Treasury
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorth ...
Former banknote issuers of the United Kingdom 11th-century establishments in England