View source for HM Treasury

{{Short description|Ministerial department of the UK Government}}
{{Use dmy dates|date=December 2020}}
{{Leadcite comment}}
{{Infobox organization
| name                     = His Majesty's Treasury
| native_name              = 
| abbreviation             = HMT
| logo                     = HM Treasury logo.svg
| logo_size                = 250px
| image                    = New Government Offices, Horse Guards Road, London-geograph-5347512.jpg
| caption                  = [[1 Horse Guards Road]] in [[Westminster]], London
| headquarters             = [[1 Horse Guards Road]]
| leader_title             = First Lord of the Treasury
| leader_name              = [[Keir Starmer]]
| leader_title2            = Chancellor of the Exchequer
| leader_name2             = [[Rachel Reeves]]
| leader_title3            = Chief Secretary to the Treasury
| leader_name3             = [[James Murray (London politician)|James Murray]]
| website                  = {{URL|https://gov.uk/hm-treasury}}
}}
'''His Majesty's Treasury''' ('''HM Treasury''' or '''the Treasury''') is the [[Government of the United Kingdom|United Kingdom]]'s economic and finance ministry. It maintains control over public spending, sets economic policy, and works to deliver economic growth. It is led by the [[Chancellor of the Exchequer]], and is located in London. The Treasury traces its origins to the medieval Exchequer. It is one of the smallest departments by staff count, but widely considered the most powerful.<ref>{{Cite web |last=Barber |first=Lionel |title=The Treasury today: a devalued currency? |url=https://www.prospectmagazine.co.uk/ideas/economics/40804/the-treasury-today-a-devalued-currency |access-date=2025-04-15 |website=dlv.prospect.gcpp.io |language=en}}</ref><ref>{{Cite news |title=Why Britain's Treasury must change its ways |url=https://www.economist.com/britain/2023/11/16/why-britains-treasury-must-change-its-ways |access-date=2025-04-15 |newspaper=The Economist |issn=0013-0613}}</ref>

==History==
Anglo-Saxon governments were skilled in collecting, auditing, and managing their cash revenues. However, there is no evidence of a distinct administrative department. Royal treasures were kept at Winchester, but the crown's wealth was likely kept more flexibly.<ref name=":1">{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=21}}</ref> For example, [[Edward the Confessor]] kept some treasure at his palace in Westminster.<ref>{{Cite book |last=Thornbury |first=Walter |url=https://archive.org/details/oldnewlondonnarr03thor/page/490/mode/2up?q=thief |title=Old and new London : a narrative of its history, its people, and its places |date=1873 |publisher=London : Cassell, Petter, & Galpin |others=University of California Libraries |pages=491}}</ref>[[File:Tally-Sticks.jpg|alt=Wooden tally sticks|thumb|296x296px|Wooden tally sticks used by the Normans as receipts for money.<ref>{{Cite book |last=Roseveare |first=Henry |url=https://archive.org/details/treasuryevolutio0000rose_r5y5 |title=The Treasury ; the evolution of a British institution |date=1969 |publisher=[New York] : Columbia University Press |others=Internet Archive |isbn=978-0-231-03405-0 |pages=134}}</ref>|left]]
The first signs of an administrative department arrive with the Normans. Following the [[Norman Conquest|1066 Norman Conquest]], the Exchequer was an event held twice a year, at Easter and [[Michaelmas]]. The purpose of these meetings was to make judgements about the collection and usage of the royal treasury. These events were separate from the royal treasury, which stored the royal wealth.<ref>{{Cite book |last=Warren |first=W. L. (Wilfred Lewis) |url=https://archive.org/details/governanceofnorm0000warr_y8g2/mode/2up?view=theater |title=The governance of Norman and Angevin England, 1086-1272 |date=1987 |publisher=Stanford, Calif. : Stanford University Press |others=Internet Archive |isbn=978-0-8047-1307-8 |pages=73}}</ref><ref>{{Cite book |last=Galbraith |first=V. H. (Vivian Hunter) |url=http://archive.org/details/makingofdomesday0000galb |title=The making of Domesday book |date=1961 |publisher=Oxford, Clarendon Press |others=Internet Archive |pages=91}}</ref> The earliest known official of the treasury was Henry the Treasurer. It is likely that Henry the Treasurer partook in the Exchequer events.<ref>{{Cite book |last=Douglas |first=David Charles |url=https://archive.org/details/williamconqueror00dougrich |title=William the Conqueror; the Norman impact upon England |date=1964 |publisher=Berkeley, University of California Press |others=Internet Archive |isbn=978-0-520-00348-4}}</ref><ref>{{Cite journal |last=Hollister |first=C. Warren |year=1978 |title=The Origins of the English Treasury |journal=The English Historical Review |volume=93 |issue=367 |pages=262–275 |doi=10.1093/ehr/XCIII.CCCLXVII.262 |jstor=567061}}; [http://domesdaymap.co.uk/name/275800/henry-the-treasurer/ Open Domesday] Retrieved 2012-06-25; HM Treasury:History</ref><ref>{{Cite book |last=Richardson |first=H. G. (Henry Gerald) |url=https://archive.org/details/governanceofmedi0000unse/mode/2up |title=The governance of mediaeval England from the conquest to Magna carta |date=1963 |publisher=Edinburgh : Edinburgh University Press |others=Internet Archive |isbn=978-0-85224-102-8 |pages=220}}</ref> The name Exchequer came from the chequered cloth that was spread over the counting‐table at these events.<ref>{{Cite book |last=Madox |first=Thomas |url=https://archive.org/details/historyantiquiti01mado/page/162/mode/2up |title=The history and antiquities of the Exchequer of the kings of England, in two periods: to wit, from the Norman conquest, to the end of the reign of K. John; and from the end of the reign of K. John, to the end of the reign of K. Edward II |last2=Fitzneale |first2=Richard |last3=Gervasius |first3=of Tilbury |date=1769 |publisher=London : Printed for W. Owen [etc.] |others=University of California Libraries |pages=162}}</ref><ref>{{Cite book |last=Pipe Roll Society (Great Britain) |url=https://archive.org/details/publicationsofpi25pipe_0 |title=The Publications of the Pipe Roll Society |date=1904 |publisher=[S.l. : s.n.] |others=Allen County Public Library Genealogy Center |pages=12}}</ref><ref>{{Cite book |url=https://www.jstor.org/stable/10.7722/j.ctt1x73z8?turn_away=true |title=The English and their Legacy, 900-1200: Essays in Honour of Ann Williams |date=2012 |publisher=Boydell & Brewer |isbn=978-1-84383-794-7 |pages=245 |doi=10.7722/j.ctt1x73z8.22}}</ref> By 1154, the Exchequer was a fully-fledged administrative institution based in Westminster.<ref>{{Cite book |title=Restoration and reform, 1153-1165: recovery from civil war in England |date=2000 |publisher=Cambridge University Press |isbn=978-0-511-49565-6 |editor-last=White |editor-first=Graeme J. |series=Cambridge studies in medieval life and thought |location=Cambridge, UK New York, USA |pages=198}}</ref> The royal treasury became part of the Lower Exchequer, whilst the twice-yearly meetings formed the Upper Exchequer.<ref name=":1" />

By the 1400s, the significance of the Exchequer was undermined. Much of its administrative and treasury functions were handled personally by [[Edward IV]].<ref>{{Cite book |last=Clark |first=George |url=https://archive.org/details/in.ernet.dli.2015.45408/page/n633/mode/2up?view=theater |title=The Fifteenth Century 1399 -1485 |pages=604}}</ref> This trend continued. [[Henry VII of England|Henry VII]] would personally check, sign, and draft the accounts of the Crown.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=36}}</ref> By the early 1500s, this situation was reversed by [[Thomas Cromwell]]. Authority was restored to the Exchequer, and four new government departments were created to handle the state finances. In 1554, these new departments were merged with the Exchequer.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=37}}</ref> However by the late 1500s, under [[James I of England]], debts mounted and the treasury reserves began to dwindle.<ref>{{Cite book |last=Roseveare |first=Henry |title=The Treasury: the evolution of a British institution |date=1969 |publisher=Allen Lane |isbn=978-0-7139-0111-5 |location=London |pages=45}}</ref> In an attempt to control the spiralling debt, Treasurer [[Lionel Cranfield, 1st Earl of Middlesex|Lionel Cranfield]] briefly imposed strict control over spending on the Crown. This would be the first attempt by a Treasurer to impose control over the sovereign. He was later impeached under the guise of corruption.<ref name=":2">{{Cite book |last=Roseveare |first=Henry |title=The Treasury: the evolution of a British institution |date=1969 |publisher=Allen Lane |isbn=978-0-7139-0111-5 |location=London |pages=55}}</ref>

{{Quote box
| text = All Treasurers, if they do good service to their masters, must be generally
hated.
| author = [[James I of England]]
| title = 
| source = 
| align = right
| qalign = center
|class=pullquote}}
[[File:Wenceslas Hollar - Whitehall from the river (State 3).jpg|thumb|330x330px|Whitehall Palace seen from the Thames in the mid-1600s.]]
In the 1640s, the [[English Civil War]] broke out. The Exchequer collapsed and finance fell to ad hoc Parliamentary and Royal committees. In 1654, [[Oliver Cromwell]] re-opened the Exchequer but left its medieval structure intact.<ref name=":2" /> At the 1660 [[Stuart Restoration]], a Lord Treasurer resumed charge, but Parliament won a permanent role in the treasury. Thus, the Treasury was caught between its sovereign-court origins and Parliament's growing authority.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=54}}</ref> Parliament had promised [[Charles II of England|King Charles II]] £1.2m per year. However, Charles was unable to extract such funds due to the poor financial state of the country.<ref>{{Cite book |last=Ferguson |first=Niall |title=The ascent of money: a financial history of the world |date=2009 |publisher=Penguin Books |isbn=978-0-7181-9400-0 |edition=Publ. with updates |series=A Penguin book History |location=London |pages=76}}</ref> In 1667, without consulting Parliament, Charles decided to replace the [[Lord High Treasurer|Lord Treasurer]] with a small board of officials. He wanted the "rougher hands of younger, more energetic men to wrest control of the country's finances."<ref>{{Cite book |last=Roseveare |first=Henry |title=The Treasury: the evolution of a British institution |date=1969 |publisher=Allen Lane |isbn=978-0-7139-0111-5 |location=London |pages=58}}</ref> The Treasury would now be run not by a single person, but by a board. One notable member was [[Sir George Downing, 1st Baronet|Sir George Downing]], who brought lessons from [[Financial history of the Dutch Republic|Dutch finance]] to England.<ref>{{Cite book |last=Roseveare |first=Henry |title=The Treasury: the evolution of a British institution |date=1969 |publisher=Allen Lane |isbn=978-0-7139-0111-5 |location=London |pages=59}}</ref><ref name="Sir George Downing">{{cite web |title=Sir George Downing |url=http://www.britannica.com/biography/George-Downing |access-date=29 August 2015 |website=Encyclopædia Britannica (online) |publisher=Encyclopædia Britannica, Inc.}}</ref> Although England still lagged behind the Dutch in trade, its economy was growing rapidly. The board ended the practice of [[tax farming]] (selling the right to tax citizens to third parties) in favour of collecting the taxes directly. This led to an increase in tax revenue and an expansion of the Treasury's staff.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=65}}</ref>

However, due to heavy naval spending in the [[Anglo–Dutch wars]], government debt ballooned. [[Charles II of England|King Charles II]] halted all debt repayments, in what would become known as the [[Stop of the Exchequer]]. This substantially undermined trust in the government's finances. In response, Parliament began tightly controlling how government money was spent.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=69}}</ref> That control vanished in 1685, when Parliament gave [[James II of England|James II]] nearly £2 million a year with no restrictions. After the [[Glorious Revolution]] of 1688, the new king, [[William III of England|William III]], was deliberately kept short of permanent income so that he remained dependent on Parliament. The revolution also led to the development of new financial tools like the [[Bank of England]], the [[Land Tax (England)|Land Tax]], and [[government bond]]s.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=68}}</ref> The new government made reforms to the Treasury too. [[Henry Guy (politician)|Henry Guy]] was a Member of Parliament as well as a Treasury Secretary. However, he was later disgraced for having taken a bribe. New rules were created to prevent all office-holders from sitting in the Commons. This effectively created a divorce between civil servants and the Commons.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=73}}</ref> By [[Anne, Queen of Great Britain|Queen Anne]]'s death in 1714, the Treasury operated independently from the monarch, and could shape its own direction.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=81}}</ref>
[[File:Parade at Horseguards.jpg|thumb|245x245px|Kent's Treasury is the squared stone building in the middle.]]
At the beginning of the 1700s, the Treasury held power in some areas but lacked it in others. It held significant power in tax collection. 17,000 civil servants gathered taxes for the government. Parliament would allow the Treasury to handle day-to-day management of tax collection. However, the Treasury rarely questioned government spending decisions.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=84}}</ref> In 1736, a new Treasury building was commissioned. The new building would be physically connected to [[10 Downing Street|No. 10]] via passageways. The Treasury was now firmly under the control of Parliament.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=101}}</ref>
[[File:James Gillray - Opening of the Budget, - or - John Bull Giving His Breeches to Save His Bacon - B1981.25.1021 - Yale Center for British Art.jpg|thumb|A satirical image depicting the 'Opening of the Budget']]
The term [[Budget of the United Kingdom|budget]] emerged during this period. It originally meant a small pouch in French ([[wiktionary:bougette|bougette]]). In a pamphlet in 1733, [[Robert Walpole|Sir Robert Walpole]] is depicted satirically as a quack doctor opening his bag (or bougette) of tricks. The joke stuck, and the term shifted from meaning the container to meaning the financial plan itself.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=114}}</ref><ref>{{cite book |url=https://www.biodiversitylibrary.org/page/56609738 |title=The budget opened. Or, an answer to a pamphlet [by Sir Robert Walpole] intitled, A letter from a member of Parliament to his friends in the country, concerning the duties of wine and tobacco |vauthors=((Bath,  William Pulteney)) |date=1733 |publisher=Printed by H. Haines}}</ref>

The power of the Treasury would increase in the late 1700s. The [[Civil list|Civil List]] was the main way Parliament funded the monarch's household budget. By the late 1770s, [[George III|King George III]] had accumulated considerable debt. By 1782, Parliament increased the Civil List to £900,000. For the first time, it also demanded detailed scrutiny of Civil List accounts. This was a significant change. The Sovereign's own expenditure would now be scrutinised by the Treasury.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=88}}</ref>

In 1776, the [[United States Declaration of Independence|American Declaration of Independence]] was signed. Some blame the Treasury for the rebellion.<ref>{{Cite book |last=Clark |first=Dora Mae |title=The rise of the British Treasury: colonial administration in the eighteenth century |date=1969 |publisher=Archon Books |isbn=978-0-208-00788-9 |location=Hamden, Conn. |pages=1}}</ref> At the time, the Treasury had more officers in America than any other department.<ref>{{Cite book |last=Clark |first=Dora Mae |title=The rise of the British treasury: colonial administration in the eighteenth century |date=1969 |publisher=Archon Books |isbn=978-0-208-00788-9 |edition=Reprinted |location=Hamden Conn |pages=5}}</ref> Additionally, after the [[Seven Years' War]] in Europe, government debt had soared. This pushed the Treasury to tighten customs, change pay incentives, and lower duties to curb smuggling. In 1767, Chancellor [[Charles Townshend]], introduced the tax legislation which would ultimately ignite the rebellion. However, others emphasise that the Treasury acted alongside the [[Board of Trade]], the [[Privy Council (United Kingdom)|Privy Council]], Parliament and other government bodies.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=98}}</ref>

In the 1800s, the Treasury became the government's hard brake. The Treasury relied on the 'power of the purse' to enforce [[Gladstonian liberalism|Gladstone's economic restraint]]. This led to constant clashes with the other departments.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=186}}</ref> The Treasury's control would deepen when the Exchequers of the [[United Kingdom of Great Britain and Ireland|Great Britain]] and [[Kingdom of Ireland|Ireland]] were consolidated in 1817.<ref name="CA1816">{{Cite act|title=Consolidated Fund Act 1816|title-link=Consolidated Fund Act 1816|year=1816|orig-date=Regnal 56 Geo. 3|orig-section=c. 98|pinpoint=[http://www.legislation.gov.uk/ukpga/Geo3/56/98/section/2 § 2] <!-- |access-date=18 November 2016 -->}}</ref><ref>{{Cite book |url=https://archive.org/details/bookofdignitiesc00haydrich |title=The Book of Dignities |publisher=W. H. Allen & Co. |year=1890 |editor-last=Haydn |editor-first=Joseph |location=London |page=[https://archive.org/details/bookofdignitiesc00haydrich/page/562 562] |chapter=X (Ireland) |ol=13505280M |editor-last2=Ockerby |editor-first2=Horace |ol-access=free}}</ref>  Parliament had complete control of government finances, and the Treasury emerged as the centre of financial discipline.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=141}}</ref>

In the 1850s, a shift in the staffing of the Treasury occurred.<ref>{{Cite book |last=Reid |first=Gordon |title=The Politics of Financial Control: The Role of the House of Commons |date=2023 |publisher=Taylor & Francis Group |isbn=978-1-000-82544-2 |series=Routledge Revivals Ser |location=Milton |pages=41}}</ref> The [[Northcote–Trevelyan Report]] (1854) set the stage for this change. Recruitment for the Treasury was reorganised around merit and fixed pay. The Treasury shifted from hiring through royal connections to a small, selective elite. Stricter exams raised entry standards. However, public school connections still mattered. By 1914, public school and Oxbridge men dominated the ranks of the Treasury.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=169}}</ref>
[[File:HM-treasury-note-10-shillings-bradbury-B.jpg|left|thumb|212x212px|A Bradbury note issued by the Treasury.]]
During the First World War, the Treasury attempted to stabilise finances. It closed the Stock Exchange, paused many payments, and issued new paper money like the [[Bank of England 10 shilling note|Bradbury note]].<ref name="treasurynotes1">{{cite web |author=Trevor R Howard |title=Treasury notes |url=http://homepage.ntlworld.com/trev.rh/Notes/treasury.htm |url-status=dead |archive-url=https://web.archive.org/web/20071205183225/http://homepage.ntlworld.com/trev.rh/Notes/treasury.htm |archive-date=5 December 2007 |access-date=12 October 2007}}</ref> Ideologically, the Treasury shifted from [[Gladstonian liberalism|Gladstonian]] prudence to [[Keynesian Revolution|Keynesian]] management of jobs and prices.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=236}}</ref>
[[File:Troops from the Grenadier Guards constructing sandbag defences around government buildings on the corner of Horse Guards Road, Great George Street and Birdcage Walk, London, May 1940. H1588.jpg|thumb|283x283px|Troops from the Grenadier Guards constructing sandbag defences around the Treasury.]]
In the Second World War, [[The Blitz|Blitz]] bombing damaged the Treasury building. This led the Treasury to move to [[Government Offices Great George Street|1 Horse Guards Road]], where it remains to this day.<ref name="history">[http://www.hm-treasury.gov.uk/about_goggs.htm HM Treasury: About GOGGS]</ref> For the first time, the 1941 Budget used national accounts. National accounts track the entire economy's income and output. The Treasury now had a complete picture of the economy. In 1947, [[Stafford Cripps|Sir Stafford Cripps]] moved economic planning into the Treasury. The Treasury now managed the budget, national accounts, and the pound.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=316}}</ref><ref>{{Cite journal |last=Rasmussen |first=Jorgen |date=September 1964 |title=Cabinet Reform in Britain: 1914–1963. By Hans Daalder. (Stanford: Stanford University Press, 1963, Pp. 381. $8.00.) |url=https://www.cambridge.org/core/product/identifier/S0003055400289703/type/journal_article |journal=American Political Science Review |language=en |volume=58 |issue=3 |pages=728–729 |doi=10.1017/S0003055400289703 |issn=0003-0554|url-access=subscription }}</ref>

Between 1947 and 1968, the Treasury would see a shrinking of power. Parliamentary reviews from 1957 to 1958 resulted in the Plowden Report.<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=297}}</ref> This report encouraged more delegation to departments. Another report in 1968 criticised the Treasury's role as being too broad. The Treasury would hand over some functions to a newly created [[Minister for the Civil Service|Civil Service Department]].<ref>{{Cite book |last=Roseveare |first=Henry |title=The treasury: the evolution of a British institution |date=1969 |publisher=Lane |isbn=978-0-7139-0111-5 |location=London |pages=353}}</ref>

In 2022, the Permanent Secretary, Sir [[Tom Scholar]], was sacked by Chancellor [[Kwasi Kwarteng]] and Prime Minister [[Liz Truss]]. Contemporary reporting described it as unprecedented in Treasury history.<ref>{{Cite web |date=2022-12-13 |title=Treasury perm sec James Bowler: Tom Scholar's departure 'was not normal' |url=https://www.civilserviceworld.com/professions/article/tom-scholar-sacking-treasury-perm-sec-not-normal-james-bowler |access-date=2023-04-24 |website=Civil Service World |language=en}}</ref><ref>{{Cite news |title=Ousting of UK Treasury Official is Early Sign of Truss’s Intent |url=https://www.bloomberg.com/news/articles/2022-09-10/ousting-of-uk-treasury-official-is-early-sign-of-truss-s-intent |archive-url=http://web.archive.org/web/20230513175911/https://www.bloomberg.com/news/articles/2022-09-10/ousting-of-uk-treasury-official-is-early-sign-of-truss-s-intent |archive-date=2023-05-13 |access-date=2025-08-15 |work=Bloomberg.com |language=en}}</ref>

== Leadership ==
{{PoliticsUK}}
{| class="wikitable"
|+Current Treasury Ministers (As of 1 September 2025)<ref>{{Cite web |date=15 March 2023 |title=HM Treasury |url=https://www.gov.uk/government/organisations/hm-treasury |access-date=14 January 2025 |website=GOV.UK |language=en}}</ref>
|-
! width="95x" | Minister
! Portrait
! Office
! Portfolio
|-
| [[Keir Starmer|Sir Keir Starmer]]
| [[File:Prime Minister Sir Keir Starmer Official Portrait (cropped).jpg|alt=|x80px]]
| [[First Lord of the Treasury]]
| Formal head of the Treasury, concurrently serves as the [[Prime Minister of the United Kingdom|Prime Minister]].<ref>{{Cite web |title=First Lord of the Treasury - GOV.UK |url=https://www.gov.uk/government/ministers/first-lord-of-the-treasury |access-date=2025-08-15 |website=www.gov.uk |language=en}}</ref>
|-
| [[Rachel Reeves]]
| [[File:Rachel Reeves Official Cabinet Portrait, July 2024 (cropped 2) (cropped).jpg|alt=|x80px]]
| [[Chancellor of the Exchequer]]
| Overall responsibility for the Treasury.<ref>{{Cite web |title=Chancellor of the Exchequer - GOV.UK |url=https://www.gov.uk/government/ministers/chancellor-of-the-exchequer |access-date=2025-08-15 |website=www.gov.uk |language=en}}</ref>
|-
| [[James Murray (London politician)|James Murray]]
| [[File:Official portrait of James Murray MP crop 2.jpg|alt=|x80px]]
| [[Chief Secretary to the Treasury]]
| Responsible for public expenditure, including spending reviews.<ref>{{Cite web |title=Chief Secretary to the Treasury – GOV.UK |url=https://www.gov.uk/government/ministers/chief-secretary-to-the-treasury |access-date=2024-05-07 |website=www.gov.uk |language=en}}</ref>

|-
| [[Spencer Livermore, Baron Livermore|Lord Livermore]]
| [[File:Spencer Livermore, Baron Livermore (cropped).jpg|alt=|65x65px]]
| [[Financial Secretary to the Treasury]]
| Leads the government's growth agenda and oversees core Treasury business.<ref>{{Cite web |title=Financial Secretary to the Treasury - GOV.UK |url=https://www.gov.uk/government/ministers/financial-secretary-to-the-treasury |access-date=2025-08-15 |website=www.gov.uk |language=en}}</ref>

|- 
| [[Dan Tomlinson]]
| [[File:Dan Tomlinson MP.jpg|alt=|x80px]]
| [[Exchequer Secretary to the Treasury]]
| Responsible for tax policy and administration, customs/VAT, and oversight of HMRC.<ref>{{Cite web |title=Exchequer Secretary to the Treasury - GOV.UK |url=https://www.gov.uk/government/ministers/exchequer-secretary-to-the-treasury |access-date=2025-08-15 |website=www.gov.uk |language=en}}</ref>
|-
|[[Jason Stockwood, Baron Stockwood|Lord Stockwood]]
|[[File:Jason,_Lord_Stockwood.jpg|alt=|x80px]]
|[[Minister of State for Investment]]
|Responsible for Office for Investment, investor relations, investment events, investment delivery, life sciences and GREAT Board. Joint with DBT.<ref>{{Cite web |title=Minister of State (Minister for Investment) - GOV.UK |url=https://www.gov.uk/government/ministers/minister-of-state-minister-for-investment--2 |access-date=2025-10-26 |website=www.gov.uk |language=en}}</ref>
|- 
| [[Lucy Rigby]]
| [[File:Official portrait of Lucy Rigby MP crop 2.jpg|alt=|80x80px]]
| [[Economic Secretary to the Treasury]] 
| Responsible for financial services, debt reserves and managements, financial sanctions, economic crime, and the Treasury's interest in Overseas Territories and Crown Dependencies issues.<ref>{{Cite web |title=Economic Secretary to the Treasury - GOV.UK |url=https://www.gov.uk/government/ministers/economic-secretary-to-the-treasury--3 |access-date=2025-08-15 |website=www.gov.uk |language=en}}</ref>

|-
| [[Torsten Bell]]
| [[File:Official portrait of Torsten Bell MP crop 2.jpg|alt=|x80px]]
| [[Parliamentary Secretary for the Treasury]]{{Efn|name=Parliamentary Secretary|The roles of Parliamentary Secretary ''for'' the Treasury and Parliamentary Secretary ''to'' the Treasury are distinct and should not be confused, the former being a junior minister working in the Treasury while the latter is a sinecure position held by the Government Chief Whip}}
| Supporting the Treasury's role across government and Treasury ministers in their duties.<ref name=":3">{{Cite web |title=Parliamentary Secretary - GOV.UK |url=https://www.gov.uk/government/ministers/parliamentary-secretary--13 |access-date=2025-08-15 |website=www.gov.uk |language=en}}</ref>
|-
| [[Jonathan Reynolds]]
| [[File:Jonathan Reynolds Official Cabinet Portrait, July 2024 (cropped).jpg|alt=|x80px]]
| [[Parliamentary Secretary to the Treasury]]{{Efn|name=Parliamentary Secretary}}
| [[Government Chief Whip]], though formally a junior minister in the Treasury.<ref name=":3" />
|}
{{notelist}}
=== Civil Servants ===
From October 2022, the [[Permanent Secretary to the Treasury]] is [[James Bowler (civil servant)|James Bowler]]. There are two Second Permanent Secretaries: Beth Russell and Jim O'Neill.<ref>{{Cite web |date=2025-06-11 |title=HM Treasury |url=https://www.gov.uk/government/organisations/hm-treasury |access-date=2025-08-15 |website=GOV.UK |language=en}}</ref>

==Functions==
HM Treasury is the United Kingdom's economic and finance ministry. It manages the public finances and leads the government's economic strategy, with responsibility for fiscal policy (including the Budget and tax policy) and for controlling public expenditure across departments. It allocates resources through Spending Reviews and sets departmental budgets to deliver ministers' priorities and value for money. It also sets the strategic framework for the tax and customs system and works with HM Revenue & Customs on policy design and delivery.<ref>{{cite web |last=Bartrum |first=Olly |title=The history of HM Treasury |url=https://www.instituteforgovernment.org.uk/explainer/history-hm-treasury |website=Institute for Government |date=29 January 2024 |access-date=15 August 2025}}</ref><ref>{{cite web |title=HM Treasury: An overview of the department (2023–24) |url=https://www.nao.org.uk/wp-content/uploads/2024/10/hm-treasury-overview-2023-24.pdf |website=National Audit Office |date=27 October 2024 |access-date=15 August 2025}}</ref><ref>{{cite web |title=Spending reviews |url=https://www.instituteforgovernment.org.uk/explainer/spending-reviews |website=Institute for Government |date=29 January 2024 |access-date=15 August 2025}}</ref><ref>{{cite web |title=Departmental budgets |url=https://www.instituteforgovernment.org.uk/explainer/departmental-budgets |website=Institute for Government |date=11 June 2025 |access-date=15 August 2025}}</ref><ref>{{cite web |title=HM Revenue & Customs: An Overview 2023–24 |url=https://www.nao.org.uk/wp-content/uploads/2024/11/hm-revenue-customs-overview-2023-24.pdf |website=National Audit Office |date=8 November 2024 |access-date=15 August 2025}}</ref>

In macroeconomic management, the Treasury sets the fiscal framework and coordinates fiscal policy with the Bank of England's operationally independent monetary policy. The government's fiscal rules and the role of the Office for Budget Responsibility (OBR) provides independent forecasts that accompany the Budget and assess performance against the rules.<ref>{{cite web |title=Interest rates and monetary policy: Economic indicators |url=https://commonslibrary.parliament.uk/research-briefings/sn02802/ |website=House of Commons Library |date=7 August 2025 |access-date=15 August 2025}}</ref><ref>{{cite web |title=Making an independent Bank of England work better |url=https://lordslibrary.parliament.uk/economic-affairs-committee-report-making-an-independent-bank-of-england-work-better/ |website=House of Lords Library |date=15 April 2024 |access-date=15 August 2025}}</ref><ref>{{cite web |title=Budget Responsibility Bill (Charter for Budget Responsibility) |url=https://commonslibrary.parliament.uk/research-briefings/cbp-10057/ |website=House of Commons Library |date=23 July 2024 |access-date=15 August 2025}}</ref><ref>{{cite web |title=What is the Budget? |url=https://commonslibrary.parliament.uk/what-is-the-budget/ |website=House of Commons Library |date=23 October 2024 |access-date=15 August 2025}}</ref><ref>{{cite web |title=Brief guide to the public finances |url=https://obr.uk/forecasts-in-depth/brief-guides-and-explainers/public-finances/ |website=Office for Budget Responsibility |date=3 April 2025 |access-date=15 August 2025}}</ref>

The Treasury also leads policy for the UK's financial services framework and legislation, while specialist regulators supervise firms and markets. In particular, HM Treasury is responsible for financial services policy and for taking the relevant legislation through Parliament; prudential and conduct supervision is carried out by the Prudential Regulation Authority and the Financial Conduct Authority within the statutory framework (notably the Financial Services and Markets Act 2000).<ref>{{cite web |title=Financial services in the UK |url=https://researchbriefings.files.parliament.uk/documents/SN06193/SN06193.pdf |website=House of Commons Library |date=18 November 2024 |access-date=15 August 2025}}</ref><ref>{{cite web |title=Financial services regulation: Adapting to change |url=https://www.nao.org.uk/reports/financial-services-regulation-adapting-to-change/ |website=National Audit Office |date=8 December 2023 |access-date=15 August 2025}}</ref>

As the government's central finance ministry, the Treasury works across Whitehall to ensure policies are affordable, consistent with the fiscal framework and deliverable within spending limits. Public spending plans and tax measures are adjusted at fiscal events (such as the annual Budget) in light of the economic outlook, Parliamentary scrutiny and statutory rules. The Treasury has additional offices in [[Darlington]], [[Edinburgh]] and [[Norwich]].<ref>{{cite web |title=Lessons learned: a planning and spending framework that delivers government priorities |url=https://www.nao.org.uk/wp-content/uploads/2024/10/lessons-learned-a-planning-and-spending-framework.pdf |website=National Audit Office |date=27 October 2024 |access-date=15 August 2025}}</ref><ref>{{cite web |title=Budgets |url=https://www.instituteforgovernment.org.uk/explainer/budgets |website=Institute for Government |access-date=15 August 2025}}</ref>

== See also ==
* [[Budget of the United Kingdom]]
* [[Economy of the United Kingdom]]
* [[Lord High Treasurer]]
* [[Chancellor of the Exchequer]]

== References ==
{{Reflist}}

{{HM Treasury}}
{{Ministers at HM Treasury}}
{{Economy of the United Kingdom}}
{{Departments of the United Kingdom Government|type=Ministerial|title=HM Treasury}}
{{Authority control}}

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[[Category:HM Treasury| ]]
[[Category:Ministerial departments of the Government of the United Kingdom]]
[[Category:British economic policy]]
[[Category:Ministries of finance|United Kingdom]]
[[Category:Former banknote issuers of the United Kingdom]]
[[Category:11th-century establishments in England]]