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 influence over the appointment of the Bank's Governor and Deputy Governors, and has the right of consultation over the appointment of the two remaining MPC members from within the Bank. The Act also provides that the Government has the power to give instructions to the Bank on interest rates for a limited period in extreme circumstances. This power has never been officially used. At HM Treasury the chancellor is supported by a political team of four junior ministers and by permanent civil servants. The most important junior minister is the Chief Secretary to the Treasury, a member of the Cabinet,