Exchequer

In the civil service of the United Kingdom, Her Majesty’s Exchequer,[1] or just the Exchequer, is the accounting process of central government and the government's current account i.e. money held from taxation and other government revenues in the Consolidated Fund.[2] It can be found used in various financial documents including the latest departmental and agency annual accounts.[3][4][5][6]

It was the name of a British government department[7] originating in the Anglo-Saxon period of England[8] and responsible for the collection and the management of taxes and revenues; of making payments on behalf of the sovereign and auditing official accounts. It also developed a judicial role along with its accountancy responsibilities and tried legal cases relating to revenue.[9]

Similar offices were later created in Scotland around 1200 and in Ireland in 1210.[10]

Kingdom of England Exchequer note-5 Pounds (1697)
Kingdom of England Exchequer note, 5 Pounds, dated 6 August 1697

Origin of the name

The Exchequer was named after a table used to perform calculations for taxes and goods in the medieval period.[11] According to the Dialogue concerning the Exchequer,[12] an early medieval work describing the practice of the Exchequer, the table was large, 10 feet by 5 feet with a raised edge or "lip" on all sides of about the height of four fingers to ensure that nothing fell off it, upon which counters were placed representing various values. The name Exchequer referred to the resemblance of the table to a chess board (French: échiquier) as it was covered by a black cloth bearing green stripes of about the breadth of a human hand, in a chequer-pattern. The spaces represented pounds, shillings and pence.[12]

The term "Exchequer" then came to refer to the twice yearly meetings held at Easter and Michaelmas, at which government financial business was transacted and an audit held of sheriffs' returns.

Exchequer of Normandy

According to the Dialogue concerning the Exchequer, in the late twelfth century there were competing views as to the origins of the English Exchequer, with some arguing that it was an Anglo-Saxon institution and other that it post-dated the Norman conquest, but none arguing that it originated in Normandy. By the time of the Dialogue, however, there was an exchequer in Normandy.

Exchequer in England and Wales

It is unknown exactly when the Exchequer was established, however it is mentioned in the Anglo-Saxon Chronicle, where it is recorded that £132,000 left the Exchequer between the years 991–1012 as payment to the Scandinavian attackers.[8] It survived the Norman conquest of England as William the Conqueror consolidated control of his new Kingdom.[13]:149

The earliest surviving record of the Exchequer is from 1130, in the reign of King Henry I, in the first surviving Pipe Roll for that year, which also shows continuity from previous years.[14]:p.159[15] Pipe Rolls form a mostly continuous record of royal revenues and taxation; however, not all revenue went into the Exchequer, and some taxes and levies were never recorded in the Pipe Rolls.[16]:p.219

Under Henry I, a procedure adopted for the audit involved the Treasurer drawing up a summons to be sent to each Sheriff, who was required to answer with an account of the income in his shire both from royal demesne lands and from the county farm (a form of local taxation). The Chancellor of the Exchequer then questioned him concerning debts owed by private individuals.[17]:73–74

By 1176, the 23rd year of the Reign of Henry II which is the date of the Dialogue concerning the Exchequer,[12][18] the Exchequer was split into two components: the purely administrative Exchequer of Receipt, which collected revenue, and the Exchequer of Pleas, a law court concerned with the King's revenue. Appeals were to the Court of Exchequer Chamber. Following the proclamation of Magna Carta, legislation was enacted whereby the Exchequer would maintain the realm's prototypes for the yard and pound. These nominal standards were, however, only infrequently enforced on the localities around the kingdom.

From the late 1190s to the expulsion of the Jews in 1290, there was a separate division for taxation of Jews and the law-cases arising between Jews and Christians, called Exchequer of the Jews (Latin: Scaccarium Judaeorum).[19][20]

Through most of the 1600s, goldsmiths would deposit their reserve of treasure with the Exchequer, sanctioned by the government. Charles II "shut up" the Exchequer in 1672, forbidding payments from it, in what Walter Bagehot described as "one of those monstrous frauds... this monstrous robbery". This ruined the goldsmiths and the credit of the Stuart Government, which would never recover it. In 1694, the credit of William III of England's government was so bad in London that it could not borrow, which led to the foundation of the Governor and Company of the Bank of England.[21]

The records of the Exchequer were kept in the Pell Office, adjacent to Westminster Hall, until the 19th century. The office was named after the skins (then "pells" or pelts) from which the rolls were made.[22]

Officers

Reform and decline

In the 19th century, a number of reforms reduced the role of the Exchequer, with some functions moved to other departments. The Exchequer became unnecessary as a revenue collecting department in 1834 with the reforms of Prime Minister William Pitt, who also served as Chancellor of the Exchequer. The government departments collecting revenue then paid it directly to the Bank of England, with all money previously paid to the Exchequer being credited to the Consolidated Fund.[23]

In 1866, the Standards Department of the Board of Trade took over metrological responsibilities [24] and audit functions were combined with those of the Commissioners for auditing the Public Accounts under the new post of Comptroller and Auditor General.[25] The name continued as the Exchequer and Audit Department from 1866 until 1983 when the new National Audit Office was created.[26][27]

In modern times, "Exchequer" has come to mean the Treasury and, colloquially, pecuniary possessions in general; as in "the company's exchequer is low".

Exchequer in Scotland

The Scottish Exchequer dates to around 1200, with a similar role in auditing and royal revenues as in England. The Scottish Exchequer was slower to develop a separate judicial role; and it was not until 1584 that it became a Court of Law, separate from the King's council. Even then, the judicial and the administrative roles were never completely separated as with the English Exchequer.

In 1707, the Exchequer Court (Scotland) Act 1707 (6 Ann. c. 53) reconstituted the Exchequer into a law court on the English model, with a Lord Chief Baron and four Barons.[28] The court adopted English forms of procedure and had further powers added. This was done in Section 19 of the Act of Union 1707[29]

From 1832, no new Barons were appointed; their role was increasingly assumed by judges of the Court of Session. By the Exchequer Court (Scotland) Act 1856 (19 & 20 Vict. c. 56), the Exchequer became a part of the Court of Session. A Lord Ordinary acts as a judge in Exchequer causes.[30] The English forms of process ceased to be used in 1947.

Exchequer of Ireland

The Exchequer of Ireland developed in 1210 when King John of England reorganized the governance of his Lordship of Ireland and brought it more in line with English law.[10] It consisted of the Superior Exchequer, a court of equity and revenue akin to the Exchequer of Pleas, and the Inferior Exchequer.[10] The latter were the treasurers who handled all logistics from collecting the money (Teller or Cashier), logging it (Clerk of the Pells) and signing money orders accepting or paying money.[31][32] It was managed by its own Chancellor of the Exchequer of Ireland and Chief Baron of the Irish Exchequer.

The Court of Exchequer (Ireland) existed from about 1299 to 1877. It was abolished under the Supreme Court of Judicature Act (Ireland) 1877 and was merged, along with the Court of King's Bench (Ireland), the Court of Chancery (Ireland) and the Court of Common Pleas (Ireland), into the new High Court of Justice in Ireland (now replaced by the High Court).[10]

See also

References

  1. ^ "Interpretation Act 1978". legislation.gov.uk. UK Government. Retrieved 6 October 2016.
  2. ^ "Exchequer and Financial Provisions Act (Northern Ireland) 1950". legislation.gov.uk. UK Government. Retrieved 6 October 2016.
  3. ^ "Rural Payments Agency Annual Report and Accounts 2015–2016" (PDF). gov.uk. UK Government. Retrieved 6 October 2016.
  4. ^ "Department for Environment, Food and Rural Affairs Annual Report and Accounts 2015–16" (PDF). gov.uk. UK Government. Retrieved 6 October 2016.
  5. ^ "Department for Education Consolidated annual report and accounts For the year ended 31 March 2015" (PDF). gov.uk. UK Government. Retrieved 6 October 2016.
  6. ^ "Consolidated Accounts for the year ended 31 March 2015" (PDF). gov.scot. The Scottish Government. Retrieved 6 October 2016.
  7. ^ "Exchequer and Audit Departments Act 1866". legislation.gov.uk. UK Government. Retrieved 6 October 2016.
  8. ^ a b Loyn, Henry (1984). The Governance of Anglo-Saxon England, 500-1087. Stanford, CA: Stanford University Press. ISBN 0-8047-1217-4.
  9. ^ Bryson, W.H. (2008). The Equity Side of the Exchequer. Cambridge University Press. ISBN 978-0-521-07659-3.
  10. ^ a b c d Howard, Gorges Edmond (1776). A treatise of the Exchequer and revenue of Ireland. Vol. 1. J.A. Husband. OCLC 5111516.
  11. ^ Noble, Thomas (2002). (36)|chapter-format= requires |chapter-url= (help). The foundations of Western civilization. Chantilly, VA: Teaching Co. ISBN 978-1565856370.
  12. ^ a b c King John of England: Royal Licenses to Export and Import, 1205–1206 Dialogue concerning the Exchequer Internet Medieval Sourcebook publ by Fordham University, New York. Source: Joseph Hunter, ed., Rotuli Selecti, (London: Eyre & Spottiswoode, 1834), pp. 4–5, 11; reprinted in Roy C. Cave & Herbert H. Coulson, A Source Book for Medieval Economic History, (Milwaukee: The Bruce Publishing Co., 1936; reprint ed., New York: Biblo & Tannen, 1965), p.412
  13. ^ Stafford, Pauline (1989). Unification and Conquest: A Political and Social History of England in the Tenth and Eleventh Centuries. London: Edward Arnold. ISBN 0-7131-6532-4.
  14. ^ Bartlett, Robert (2000). England Under the Norman and Angevin Kings: 1075–1225. Oxford, UK: Clarendon Press. ISBN 0-19-822741-8.
  15. ^ Chrimes Administrative History pp. 62–63
  16. ^ Coredon Dictionary p. 219
  17. ^ Warren, W. L., The Governance of Norman and Angevin England 1086–1272. Edward Arnold, 1987. ISBN 0-7131-6378-X
  18. ^ Dialogue concerning the Exchequer
  19. ^ Joe Hillaby (2003) "Jewish Colonisation in the Twelfth Century" In Patricia Skinner (ed.) Jews in Medieval Britain: Historical, Literary, and Archeological Perspective, pp. 16–17. ISBN 0-85115-931-1
  20. ^ Gross, Charles (1887), The Exchequer of the Jews of England in the Middle Ages. London: Office of the Jewish Chronicle; reprinted from Papers of the Anglo-Jewish Historical Exposition, pp. 170–230.
  21. ^ Bagehot, Walter (November 5, 2010). Lombard Street: a description of the money market (1873). London: Henry S. King and Co. (etext by Project Gutenberg). Charles II. shut up the 'Exchequer,' would pay no one, and so the 'goldsmiths' were ruined. The credit of the Stuart Government never recovered from this monstrous robbery.
  22. ^ Urbanus Records of the Exchequer. The Issue Roll of Thomas de Brantingham, Bishop of Exeter, Lord High Treasurer of England, containing payments made out of His Majesty's Revenue in the 44th year of Edward Ill, AD 1370 translated from the original Roll now remaining in the ancient Pell Office, by Frederick Devon. London, 1835, pp. 516. Gentleman's Magazine, 1836, vol. 5, pp. 17–22, publ. W. Pickering.(book review) Google books
  23. ^ "Exchequer Extra Receipts Act 1868". legislation.gov.uk. UK Government. p. Section 1. Retrieved 15 November 2016.
  24. ^ "1911 Encyclopædia Britannica". wikisource.org. Encyclopædia Britannica. Retrieved 15 November 2016.
  25. ^ "Exchequer and Audit Departments Act 1866". legislation.gov.uk. UK Government. p. Section 5. Retrieved 15 November 2016.
  26. ^ “The Audit Commission” by Couchman V. in Sherer & Turley: Current Issues in Auditing, Paul Chapman Publishing (1997)
  27. ^ "National Audit Act 1983". legislation.gov.uk. UK Government. Retrieved 15 November 2016.
  28. ^ "Exchequer Court (Scotland) Act 1707". legislation.gov.uk. UK Government. Retrieved 11 November 2016.
  29. ^ Section XIX, "And that there be a Court of Exchequer in Scotland after the Union, for deciding Questions concerning the Revenues of Customs and Excises there, having the same power and authority in such cases, as the Court of Exchequer has in England": Wikisource-logo.svg Act of Union 1707 at Wikisource.
  30. ^ "Exchequer Court (Scotland) Act 1856". legislation.gov.uk. UK Government. Retrieved 11 November 2016.
  31. ^ Thomas, Francis Sheppard (1848). The Ancient Exchequer of England; the Treasury; and Origin of the Present Management of the Exchequer and Treasury of Ireland. J. Petheram. OCLC 465938569.
  32. ^ H., M. T. (1932). "Review: History of the Financial Administration of Ireland to 1817 by T. J. Kiernan". Irish Province of the Society of Jesus. 21 (81).

Further reading

External links

Baron of the Exchequer

The Barons of the Exchequer, or barones scaccarii, were the judges of the English court known as the Exchequer of Pleas. The Barons consisted of a Chief Baron of the Exchequer and several puisne (i.e. puny or junior) Barons. Together they sat as a court of common law, heard suits in the court of equity, and settled revenue disputes. A puisne baron was styled "Mr Baron X" and the chief baron as "Lord Chief Baron X".

They were originally the same judges as those of the Court of King's Bench, only becoming independent positions after the Exchequer's separation from the curia regis. In the early years of the Exchequer's existence, the Barons were the chief auditors of the accounts of England, a role passed to dedicated auditors during the reign of Edward II. With the Exchequer's expansion during the Tudor era, the Barons became more important; where previously only the Chief Baron had been appointed from the Serjeants-at-Law, with the other Barons mere barristers, it became practice for all Barons of the Exchequer to be Serjeants. This further increased the Exchequer's standing, since for the first time it put the Exchequer at the same level as the Court of Common Pleas and Court of King's Bench, where all judges were already required to be Serjeants.From 1550 to 1579, there was a major distinction between the chief baron and the second, third and fourth puisne barons. The difference was in social status and education. All of the chief barons had been trained as lawyers in the inns of court. With the exception of Henry Bradshaw and Sir Clement Higham, both barristers-at-law, all of the chief barons who served Queen Elizabeth I, had attained the highest and most prestigious rank of a lawyer, serjeant-at-law.

Chancellor of the Exchequer

The Chancellor and Under-Treasurer of Her Majesty's Exchequer, commonly known as the Chancellor of the Exchequer, or simply the Chancellor, is a senior official within the Government of the United Kingdom and head of Her Majesty's Treasury. The office is a British Cabinet-level position.

The chancellor is responsible for all economic and financial matters, equivalent to the role of finance minister in other nations. The position is considered one of the four Great Offices of State, and in recent times has come to be the most powerful office in British politics after the prime minister.

The Chancellor of the Exchequer is now always Second Lord of the Treasury as one of the Lords Commissioners for executing the office of Lord High Treasurer. In the 18th and early 19th centuries, it was common for the prime minister also to serve as Chancellor of the Exchequer if he sat in the Commons; the last chancellor who was simultaneously prime minister and Chancellor of the Exchequer was Stanley Baldwin in 1923. Formerly, in cases when the chancellorship was vacant, the Lord Chief Justice of the King's Bench would act as Chancellor pro tempore. The last Lord Chief Justice to serve in this way was Lord Denman in 1834.

The chancellor is the third-oldest major state office in English and British history; it originally carried responsibility for the Exchequer, the medieval English institution for the collection and auditing of royal revenues which dates from the Anglo-Saxon period and survived the Norman conquest of England. The earliest surviving records which are the results of the exchequer's audit, date from 1129–30 under King Henry I and show continuity from previous years. The chancellor controlled monetary policy as well as fiscal policy until 1997, when the Bank of England was granted independent control of its interest rates. The chancellor also has oversight of public spending across Government departments.

Chief Baron of the Exchequer

The Chief Baron of the Exchequer was the first "baron" (i.e., judge) of the English Exchequer of Pleas. "In the absence of both the Treasurer of the Exchequer or First Lord of the Treasury, and the Chancellor of the Exchequer, it was he who presided in the equity court and answered the bar i.e. spoke for the court." Practically speaking, he held the most important office of the Exchequer of Pleas.

The chief baron along with the three puisne barons, sat as a court of common law, heard suits in the court of equity, and settled revenue disputes. A puisne baron was styled "Mr Baron X" and the chief baron as "Lord Chief Baron X".

From 1550 to 1579, there was a major distinction between the chief baron and the second, third and fourth puisne barons. The difference was in social status and education. All of the chief barons had been trained as lawyers in the inns of court. With the exception of Henry Bradshaw and Sir Clement Higham, both barristers-at-law, all of the chief barons who served Queen Elizabeth I, had attained the highest and most prestigious rank of a lawyer, serjeant-at-law.

In 1875, the Court of Exchequer became the Exchequer Division of the High Court. Following the death of the last chief baron in 1880, the division and that of Common Pleas were merged into the Queen's Bench Division.

Chief Baron of the Irish Exchequer

The Chief Baron of the Irish Exchequer was the senior judge who presided over the Court of Exchequer (Ireland). The Irish Exchequer was a mirror of the equivalent court in England and one of the four courts which sat in the building still called The Four Courts. The title Chief Baron was first used in 1309 for Walter de Islip. In the early centuries it was partly a political office, and as late as 1442 the Lord Treasurer of Ireland thought it necessary to recommend that the Chief Baron should always be a properly trained lawyer (which Michael Gryffin, the Chief Baron at the time, was not).

The last and probably greatest Chief Baron, The Rt Hon. Christopher Palles, continued to hold the title after the Court was merged into a new High Court of Justice in Ireland in 1878, until his retirement in 1916, when the office lapsed.

Court of Common Pleas (England)

The Court of Common Pleas, or Common Bench, was a common law court in the English legal system that covered "common pleas"; actions between subject and subject, which did not concern the king. Created in the late 12th to early 13th century after splitting from the Exchequer of Pleas, the Common Pleas served as one of the central English courts for around 600 years. Authorised by Magna Carta to sit in a fixed location, the Common Pleas sat in Westminster Hall for its entire existence, joined by the Exchequer of Pleas and Court of King's Bench.The court's jurisdiction was gradually undercut by the King's Bench and Exchequer of Pleas with legal fictions, the Bill of Middlesex and Writ of Quominus respectively. The Common Pleas maintained its exclusive jurisdiction over matters of real property until its dissolution, and due to its wide remit was considered by Sir Edward Coke to be the "lock and key of the common law". It was staffed by one Chief Justice and a varying number of puisne justices, who were required to be Serjeants-at-Law, and until the mid 19th century only Serjeants were allowed to plead there.

As one of the two principal common law courts with the King's Bench, the Common Pleas fought to maintain its jurisdiction and caseload, in a way that during the 16th and 17th centuries was categorised as conservative and reactionary. Reaching an acceptable medium with the King's Bench and Exchequer of Pleas proved to be the downfall of all three courts; with several courts of near-identical jurisdiction, there was little need for separate bodies, and the superior courts of Westminster were merged by the Supreme Court of Judicature Act 1873 into a single High Court of Justice. With an Order in Council issued on 16 December 1880, the Common Pleas Division of the High Court ceased to exist, marking the end of the Court of Common Pleas.

Court of Exchequer (Ireland)

The Court of Exchequer (Ireland) was one of the senior courts of common law in Ireland. It was the mirror image of the equivalent court in England. The Court of Exchequer was one of the four royal courts of justice which gave their name to the building which is still called the Four Courts in Dublin.

Court of King's Bench (England)

The Court of King's Bench (or Court of Queen's Bench during the reign of a female monarch), formally known as The Court of the King Before the King Himself, was an English court of common law in the English legal system. Created in the late 12th to early 13th century from the curia regis, initially following the monarch on his travels, the King's Bench finally joined the Court of Common Pleas and Exchequer of Pleas in Westminster Hall in 1318, making its last travels in 1421.

As one of the two principal common law courts along with the Common Pleas, the King's Bench's jurisdiction and caseload was significantly challenged by the rise of the Court of Chancery and equitable doctrines in the 15th and 16th centuries. To recover, the King's Bench undertook a scheme of revolutionary reform, creating less expensive, faster and more versatile types of pleading in the form of bills as opposed to the more traditional writs. Although not immediately stemming the tide, in the long term it helped the King's Bench not only recover but increase its workload. While there was a steep decline in business from 1460 to 1540, as the new reforms began to take effect the King's Bench's business was significantly boosted; between 1560 and 1640, it rose tenfold.

While good for the King's Bench, the Common Pleas became suspicious of the new developments, as legal fictions such as the Bill of Middlesex damaged its own business. Fighting against the King's Bench in a reactionary and increasingly conservative way, an equilibrium was eventually reached in the 17th century. Reaching an acceptable medium with the Common Pleas and Exchequer of Pleas proved to be the downfall of all three courts; with several courts of near-identical jurisdiction, there was little need for separate bodies, and the superior courts of Westminster were merged by the Supreme Court of Judicature Act 1873 into a single High Court of Justice. The King's Bench thus ceased to exist, except as the King's Bench (now Queen's Bench) Division of the High Court.

During its existence the King's Bench's jurisdiction initially covered a wide range of criminal matters, something significantly reduced later on, along with any business not claimed by the other courts, and any cases which concerned the monarch. It also acted as a court of appeal for the Exchequer of Pleas and Common Pleas, although it was not a court of last resort and required Parliament to sign off on its decisions. The creation of the Court of Exchequer Chamber in 1585 created a court from which King's Bench decisions could be appealed to, and with the expansion of the Exchequer Chamber's jurisdiction in 1830 the King's Bench ceased to be an appellate court. Thanks to the Bill of Westminster and other legal fictions, the King's Bench gained much of the Common Pleas's jurisdiction, although the Common Pleas remained the sole place where real property claims could be brought. The King's Bench was staffed by one Chief Justice, now the Lord Chief Justice of England and Wales, and a variable number of Puisne Justices; normally three, there were five serving when the King's Bench was dissolved. Those who chose not to retire became Justices of the High Court on the King's Bench's dissolution.

Exchequer of Pleas

The Exchequer of Pleas or Court of Exchequer was a court that dealt with matters of equity, a set of legal principles based on natural law and common law in England and Wales. Originally part of the curia regis, or King's Council, the Exchequer of Pleas split from the curia during the 1190s, to sit as an independent, central court. The Court of Chancery's reputation for tardiness and expense resulted in much of its business transferring to the Exchequer. The Exchequer and Chancery, with similar jurisdictions, drew closer together over the years, until an argument was made during the 19th century that having two seemingly identical courts was unnecessary. As a result, the Exchequer lost its equity jurisdiction. With the Judicature Acts, the Exchequer was formally dissolved as a judicial body by an Order in Council of 16 December 1880.

The Exchequer's jurisdiction, at various times, was common law, equity, or both. Initially a court of both common law and equity, it lost much of its common law jurisdiction after the formation of the Court of Common Pleas, and from then on concerned itself with equitable matters and those common law matters it had discretion to try, such as actions brought against Exchequer officials and actions brought by the monarch against non-paying debtors. With the Writ of Quominus, which allowed the Exchequer to look at "common" cases between subject and subject, this discretionary area was significantly expanded, and it soon regained its standing in common law matters. Cases were formally taken by the Chancellor of the Exchequer, but in practice were heard by the Barons of the Exchequer, judicial officials led by the Chief Baron. Other court officials included the King's Remembrancer, who appointed all other officials and kept the Exchequer's records, and the sworn and side clerks, who acted as attorneys to parties to a case.

Federal Court of Canada

The Federal Court of Canada, which succeeded the Exchequer Court of Canada in 1971, was a national court of Canada that had limited jurisdiction to hear certain types of disputes arising under the federal government's legislative jurisdiction. The Court was split in 2003 into two separate Courts, the Federal Court and the Federal Court of Appeal, although the jurisdiction and powers of the Courts remained largely unchanged.

The court used facilities as the Supreme Court of Canada Building as well as Thomas D'Arcy McGee Building and registry office at 90 Elgin Street.

Finance minister

A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. It may also be a junior minister in the finance department, the British Treasury, for example has four junior ministers.

A finance minister's portfolio has a large variety of names across the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer".

The duties of a finance minister differ between countries. Typically, they encompass one or more of government finance, fiscal policy, and financial regulation, but there are significant differences between countries:

in some countries the finance minister might also have oversight of monetary policy (while in other countries that is the responsibility of an independent central bank);

in some countries the finance minister might be assisted by one or more other ministers (some supported by a separate government department) with respect to fiscal policy or budget formation;

in many countries there is a separate portfolio for general economic policy in the form of a ministry of "economic affairs" or "national economy" or "commerce";

in many countries financial regulation is handled by a separate agency, which might be overseen by the finance ministry or some other government body.Finance ministers are also often found in governments of federated states or provinces of a federal country. In these cases their powers may be substantially limited by superior legislative or fiscal policy, notably the control of taxation, spending, currency, inter-bank interest rates and the money supply.

The powers of a finance minister vary between governments. In the United Kingdom and Australia, the finance minister (called the "Chancellor of the Exchequer" and the "Treasurer" respectively) is in practice the most important cabinet post after the Prime Minister.

In the United States, the finance minister is called the "Secretary of the Treasury", though there is a separate and subordinate Treasurer of the United States, and it is the director of the Office of Management and Budget who drafts the budget.

In the United Kingdom, the equivalent of the finance minister is the Chancellor of the Exchequer. Due to a quirk of history, the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury. This signals the Prime Minister's seniority and superior responsibility over the Treasury.

In Hong Kong the finance minister is called the Financial Secretary, though there is a Secretary for the Treasury subordinate to him.

In Australia, the senior minister is the Treasurer, although there is a Minister for Finance who is more junior and, as of 2018, heads a separate portfolio of Finance and the Public Service.

Finance ministers can be unpopular if they must raise taxes or cut spending. Finance ministers whose key decisions had directly benefited both the performance and perception of their country’s economic and financial achievements are recognised by the annual Euromoney Finance Minister of the Year award.

HM Treasury

Her Majesty's Treasury (HM Treasury), sometimes referred to as the Exchequer, or more informally the Treasury, is the British government department responsible for developing and executing the government's public finance policy and economic policy. The Treasury maintains the Online System for Central Accounting and Reporting (OSCAR), the replacement for the Combined Online Information System (COINS), which itemises departmental spending under thousands of category headings, and from which the Whole of Government Accounts (WGA) annual financial statements are produced.

The possessive adjective in the department's name varies depending upon the gender of the reigning monarch.

John Hotham (bishop)

John Hotham (died 1337) was a medieval Chancellor of the Exchequer, Lord High Treasurer, Lord Chancellor and Bishop of Ely.

Hotham was the son of Alan and Matilda Hotham of Hotham and nephew of William Hotham, Archbishop of Dublin. His early career was spent in Ireland, where he became Chancellor of the Exchequer of Ireland until 1310. He was then appointed, on 13 December 1312, Chancellor of the Exchequer in England, a post he held until June 1316.

Hotham was elected to Ely about 20 June 1316 and consecrated on 3 October 1316. Later that year he went to meet the pope in Avignon with the earl of Pembroke, partly to plead the case for the promotion of Alexander Bicknor as Archbishop of Dublin. After returning from Avignon, he was appointed Lord High Treasurer of England on 27 May 1317 but left that office in June 1318. when he was promoted as Lord Chancellor of England on 11 June 1318, an office he held until 26 January 1320.Although close to the King Edward II, Hotham switched allegiance to Queen Isabella when she successfully invaded to depose the king in September 1326. He was consequently appointed chancellor for the second time by her on behalf of the young Edward III on 28 January 1327. He retired from government in 1328.

Hotham died about 14 January 1337 after two years of paralysis and was buried in Ely Cathedral.

John Smith (Chancellor of the Exchequer)

John Smith (1656–1723) of Tedworth House, Hampshire, was an English politician who sat in the English and British House of Commons between 1678 and 1723. He served as Speaker and twice as Chancellor of the Exchequer.

Leader of the House of Commons

The Leader of the House of Commons is generally a member of the Cabinet of the United Kingdom who is responsible for arranging government business in the House of Commons.

The House of Commons devotes approximately three-quarters of its time to Government business, such as bills introduced by the government and ministerial statements. The Leader of the House, with the parties' chief whips ("the usual channels"), is responsible for organising Government business and providing time for non-government (backbench) business to be put before the House. The Leader of the House additionally announces the next week's debate schedule in the Business Statement every Thursday.

List of Acts of the Parliament of the United Kingdom, 1801–1819

This is an incomplete list of Acts of the Parliament of the United Kingdom for the years 1801–1819. Note that the first parliament of the United Kingdom was held in 1801; parliaments between 1707 and 1800 were either parliaments of Great Britain or of Ireland). For Acts passed up until 1707 see List of Acts of the Parliament of England and List of Acts of the Parliament of Scotland. For Acts passed from 1707 to 1800 see List of Acts of the Parliament of Great Britain. See also the List of Acts of the Parliament of Ireland.

For Acts of the devolved parliaments and assemblies in the United Kingdom, see the List of Acts of the Scottish Parliament from 1999, the List of Acts of the Northern Ireland Assembly, and the List of Acts and Measures of the National Assembly for Wales; see also the List of Acts of the Parliament of Northern Ireland.

The number shown after each Act's title is its chapter number. Acts passed before 1963 are cited using this number, preceded by the year(s) of the reign during which the relevant parliamentary session was held; thus the Union with Ireland Act 1800 is cited as "39 & 40 Geo. 3 c. 67", meaning the 67th Act passed during the session that started in the 39th year of the reign of George III and which finished in the 40th year of that reign. Note that the modern convention is to use Arabic numerals in citations (thus "41 Geo. 3" rather than "41 Geo. III"). Note also that Acts of the last session of the Parliament of Great Britain and the first session of the Parliament of the United Kingdom are both cited as "41 Geo. 3". Acts passed from 1963 onwards are simply cited by calendar year and chapter number.

All modern Acts have a short title, e.g. "the Local Government Act 2003". Some earlier Acts also have a short title given to them by later Acts, such as by the Short Titles Act 1896.

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 Officer of State, below the Lord High Steward and the Lord High Chancellor.

The Lord High Treasurer functions as the head of Her Majesty's Treasury. Since the 17th century, the office has often been held, not by a single person, but placed in commission, so that a board of individuals jointly exercise the powers of the Lord High Treasurer. Such persons are known as Lords Commissioners of the Treasury. The office has been in commission continuously since the resignation of Charles Talbot, 1st Duke of Shrewsbury in 1714.

Although the United Kingdom of Great Britain and Ireland was created in 1801, it was not until the Consolidated Fund Act 1816 that the separate offices of Lord High Treasurer of Great Britain and Lord High Treasurer of Ireland were united into one office as the Lord High Treasurer of the United Kingdom of Great Britain and Ireland on 5 January 1817. The office continued in commission and the commissioners of the old office of Lord High Treasurer of Great Britain continued as the commissioners of the new combined office.In modern times, by convention, the Lords Commissioners of the Treasury include the Prime Minister of the United Kingdom, usually serving as the "First Lord of the Treasury", and the Chancellor of the Exchequer, serving as the "Second Lord of the Treasury". Other members of the government, usually whips in the House of Commons, are appointed to serve as the junior Lords Commissioners of the Treasury.

Nicholas Vansittart, 1st Baron Bexley

Nicholas Vansittart, 1st Baron Bexley PC FRS FSA (29 April 1766 – 8 February 1851) was an English politician, and one of the longest-serving Chancellors of the Exchequer in British history.

Philip Hammond

Philip Anthony Hammond (born 4 December 1955) is a British Conservative politician serving as Chancellor of the Exchequer since 2016 and the Member of Parliament (MP) for Runnymede and Weybridge since 1997.

Hammond was born in Epping, Essex, and studied Philosophy, Politics and Economics at University College, Oxford. He worked from 1984 as a company director at Castlemead Ltd – a healthcare and nursing company. From 1995-97 he acted as an adviser to the government of Malawi before his election to Parliament. He was promoted to the Shadow Cabinet by David Cameron in 2005 as Shadow Secretary of State for Work and Pensions, remaining in this position until a 2007 reshuffle when he became Shadow Chief Secretary to the Treasury.

After the formation of the Coalition Government in May 2010, he was appointed Secretary of State for Transport and was sworn of the Privy Council. Upon the resignation of Liam Fox over a scandal in October 2011, Hammond was promoted to replace him as Secretary of State for Defence, before being further promoted in July 2014 to become Secretary of State for Foreign and Commonwealth Affairs.In July 2016, after Theresa May succeeded Cameron as Prime Minister, Hammond was appointed Chancellor of the Exchequer. As Chancellor, Hammond has suggested that the government may begin a reduction in austerity measures.

Shadow Chancellor of the Exchequer

The Shadow Chancellor of the Exchequer in the British Parliamentary system is the member of the Shadow Cabinet who is responsible for shadowing the Chancellor of the Exchequer. The title is in the gift of the Leader of the Opposition but is informal. The Shadow Chancellor has no constitutional role.

The name for the position has a mixed history. It is used to designate the lead economic spokesman for the Opposition, although some Shadow Cabinets have not used the term (the Thatcher Shadow Cabinet in the Conservative Party Campaign of 1979). The term has been used interchangeably with "economic spokesperson" by the Liberal Democrats as well as the main opposition party.This was a source of humour for one time Chancellor of the Exchequer Gordon Brown, who in 2005 played the two off against one another in Parliament, saying, "I, too, have a great deal of time for the shadow Chancellor who resides in Twickenham [Vince Cable], rather than the shadow Chancellor for the Conservative Party."The position of Shadow Chancellor of the Exchequer is currently held by John McDonnell.

This page is based on a Wikipedia article written by authors (here).
Text is available under the CC BY-SA 3.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.