Treasury Commission

The Premiership is still largely a convention of the constitution; its legal authority is derived primarily from the fact that the Prime Minister is also First Lord of the Treasury. The connection of these two offices – one a convention, the other a legal office – began with the Hanoverian Succession in 1714.

When George I succeeded to the English throne in 1714, his German ministers advised him to leave the office of Lord High Treasurer vacant because those who had held it in recent years had grown overly powerful, in effect, replacing the Sovereign as head of the government. They also feared that a Lord High Treasurer would undermine their own influence with the new King. They therefore suggested that he place the office in "commission", meaning that a committee of five ministers would perform its functions together. Theoretically, this dilution of authority would prevent any one of them from presuming to be the head of the government. The King agreed and created the Treasury Commission consisting of the First Lord of the Treasury, the Second Lord, and three Junior Lords.

No one has been appointed Lord High Treasurer since 1714; it has remained in commission for three hundred years. The Treasury Commission ceased to meet late in the 18th century but has survived, albeit with very different functions: the First Lord of the Treasury is now the Prime Minister, the Second Lord is the Chancellor of the Exchequer (and actually in charge of the Treasury), and the Junior Lords are government Whips maintaining party discipline in the House of Commons; they no longer have any duties related to the Treasury, though when subordinate legislation requires the consent of the Treasury it is still two of the Junior Lords who sign on its behalf.^[26][27]

"First" Prime Minister

Since the office was not created, there is no "first" Prime Minister. However, the honorary appellation is traditionally given to Sir Robert Walpole who became First Lord of the Treasury in 1721.

In 1720, the South Sea Company, created to trade in cotton, agricultural goods and slaves, collapsed, causing the financial ruin of thousands of investors and heavy losses for many others including members of the royal family. King George I called on Robert Walpole, well-known for his political and financial acumen, to handle the emergency. With considerable skill^{[ citation needed ]} and some luck^{[ citation needed ]}, Walpole acted quickly to restore public credit and confidence, and led the country out of the crisis. A year later, the King appointed him First Lord of the Treasury, Chancellor of the Exchequer, and Leader of the House of Commons making him the most powerful minister in the government. Ruthless, crude, and hard-working, he had a "sagacious business sense" and was a superb manager of men.^[28] At the head of affairs for the next two decades, Walpole stabilised the nation's finances, kept it at peace, made it prosperous, and secured the Hanoverian Succession.^[29]

Walpole demonstrated for the first time how a chief minister – a Prime Minister – could be the actual Head of the Government under the new constitutional framework. First, recognising that the Sovereign could no longer govern directly but was still the nominal head of the government, he insisted that he was nothing more than the "King's Servant".^[30] Second, recognising that power had shifted to the Commons, he conducted the nation's business there and made it dominant over the Lords in all matters. Third, recognising that the Cabinet had become the executive and must be united, he dominated the other members and demanded their complete support for his policies. Fourth, recognising that political parties were the source of ministerial strength, he led the Whig party and maintained discipline. In the Commons, he insisted on the support of all Whig members, especially those who held office. Finally, he set an example for future Prime Ministers by resigning his offices in 1742 when he no longer had the confidence of a majority, even though he still retained the confidence of the Sovereign.^[31][32]

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