First Lord of the Treasury that office; in this case, the Second Lord of the Treasury usually served as Chancellor. As of 1841, the Chancellor of the Exchequer has always been Second Lord of the Treasury when he was not also Prime Minister. By convention, the other Lords Commissioners of the Treasury are also 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. Chequers, a country house in Buckinghamshire, is the official country residence of the Prime Minister, used as a weekend and holiday home, although the
First Lord of the Treasury First Lord of the Treasury The First Lord of the Treasury is the head of the commission exercising the ancient office of Lord High Treasurer in the United Kingdom, and is now always also the Prime Minister. This office is not equivalent to the usual position of the "Treasurer" in other governments; the closer equivalent of a Treasurer in the United Kingdom is the Chancellor of the Exchequer, who is the Second Lord of the Treasury. As of the beginning of the 17th century, the running of the Treasury was frequently entrusted to a commission, rather than to a single