History of the British peerage much more common. The peerage ceased to be associated with wealth or land ownership. At the beginning of the century, however, such associations remained for some time. In 1909, Chancellor of the Exchequer David Lloyd George proposed the introduction of a land tax, which the landowning peers opposed. The House of Lords rejected the budget. After the general election of January 1910, the returned government introduced the Parliament Bill, which sought to curtail the powers of the Lords. When the Lords attempted to block the bill, the prime minister, Herbert Henry Asquith, threatened to have the king create two hundred
Chancellor of the Exchequer Treasury" is not a minister but the senior civil servant in the Treasury. The chancellor is obliged to be a member of the Privy Council, and thus is styled the Right Honourable (Rt. Hon.). Because the House of Lords is excluded from Finance Bills under the Parliament Acts, the office has since the early 20th century been effectively limited to members of the House of Commons. The chancellor holds the formerly independent office of Master of the Mint as a subsidiary office. The Chancellor's official residence, since 1828, is No. 11 Downing Street. In 1997, the then First and Second