Chancellor of the Exchequer when James Callaghan was the first chancellor to break with tradition when he used a newer box. Prior to Gladstone, a generic red Despatch Box of varying design and specification was used. The practice is said to have begun in the late 16th century, when Queen Elizabeth I's representative Francis Throckmorton presented the Spanish Ambassador, Bernardino de Mendoza, with a specially constructed red briefcase filled with black puddings. In July 1997, Gordon Brown became the second chancellor to use a new box for the Budget. Made by industrial trainees at Babcock Rosyth Defence Ltd ship and submarine dockyard in Fife,
Stop of the Exchequer long-term banking privileges including the issue of notes. The Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694. The Bank of England was founded 12 years after the Exchequer Stop - the actual consequence of the Exchequer Stop, at the time, was that banks such as Hoare's bank emerged - where the gold was physically kept on the premises rather than being entrusted to the government. Hoare's bank still exists to this day. Public finances were in so dire a condition at the time that the terms of the loan were that it was