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HM Treasury
His/Her Majesty's Treasury, sometimes referred to as the Exchequer, is a ministry of the British government.
Contents
Composition
The Treasury is led by a chancellor of the Exchequer who simultaneously is second lord of the Treasury. (The title of first lord of the Treasury is permanently tied to the prime minister.)
History
The Treasury emerged from the household of the English monarch. The chief administrator of these funds came to be known as a lord treasurer.
Charles II established a commission of the Treasury. As funds accrued, the Treasury became enormously powerful due to the size of funds and came to own pocket boroughs. The first lord of the treasury was generally the head of the government and became the prototype for the prime minister.