Definition

Noun: * The British cabinet minister responsible for economic strategy: This is a formal title for a senior government position in the United Kingdom. Historically, this minister presided over the Treasury, the government department responsible for financial and economic matters. In modern practice, this title is held by the Prime Minister.

Usage Notes

• The title "First Lord of the Treasury" is now largely ceremonial and historical. The day-to-day responsibility for running the Treasury department falls to the Second Lord of the Treasury, who is the Chancellor of the Exchequer.
• When referring to the modern role, it is almost always synonymous with the Prime Minister. The term is used in official contexts to denote one of the Prime Minister's formal titles.

Examples

Advanced Usage

• The term is often used in historical or constitutional discussions to describe the evolution of the Prime Minister's role from a financial office to the head of government.
• In official documents and on the door of 10 Downing Street, the title "First Lord of the Treasury" is still used.

Variants and Related Words

• Prime Minister (PM): The head of the UK government, who is the contemporary holder of the First Lord of the Treasury title.
• Chancellor of the Exchequer: The cabinet minister (and Second Lord of the Treasury) with primary responsibility for economic and financial policy.
• The Treasury (Her Majesty's Treasury): The government department responsible for developing and executing the government's public finance policy and economic policy.

Synonyms

• Prime Minister (in the modern UK context)

Related Phrases

• First Lord of the Admiralty: A now-defunct title for the political head of the Royal Navy, analogous in form to "First Lord of the Treasury."
• The Treasury Bench: The front bench in the House of Commons where the Prime Minister (First Lord) and senior Treasury ministers sit.

Noun

1. the British cabinet minister responsible for economic strategy