First Lord of the Treasury
Responsibilities
The First Lord of the Treasury is one of the Lords Commissioners of the Treasury. This role is usually held by the Prime Minister.
Since the 17th century, the Lords Commissioners of the Treasury have collectively carried out duties that were previously held by the Lord High Treasurer (head of His Majesty’s Treasury).
The Lords Commissioners of the Treasury also include:
- the Second Lord of the Treasury - the Chancellor of the Exchequer, who has most of the functional financial responsibilities
- Junior Lords Commissioners of the Treasury - other members of the government, usually government whips in the House of Commons
10 Downing Street is the official residence of the First Lord of the Treasury, and not of the Prime Minister.
Current role holder
The Rt Hon Rishi Sunak MP
Rishi Sunak became Prime Minister on 25 October 2022.
He was previously appointed Chancellor of the Exchequer from 13 February 2020 to 5 July 2022.
He was Chief Secretary to the Treasury from 24 July 2019 to 13 February 2020, and Parliamentary Under Secretary of State at the Ministry of Housing, Communities and Local Government from 9 January 2018 to 24 July 2019.
Education
Rishi went to Winchester College and studied Politics, Philosophy and Economics at Oxford University. He was also a Fulbright Scholar at Stanford University (USA) where he studied for his MBA.
Political career
Rishi was elected Conservative MP for Richmond (Yorks) in May 2015 and served as a Parliamentary Private Secretary at the Department for Business, Energy and Industrial Strategy from June 2017 until his ministerial appointment.
Career before politics
Rishi spent his professional career before politics in business and finance, working internationally. He co-founded an investment firm working with companies in multiple geographies. He then used that experience to help small and entrepreneurial British companies grow.
Personal life
Rishi is married with two young daughters.
Previous holders of this role
-
The Rt Hon Elizabeth Truss MP
2022 to 2022
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The Rt Hon Boris Johnson
2019 to 2022
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The Rt Hon Theresa May MP
2016 to 2019
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The Rt Hon Lord Cameron
2010 to 2016