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 Stop of the Exchequer The Great Stop of the Exchequer or Stop of the Exchequer was a repudiation of state debt that occurred in England in 1672 under the reign of Charles II of England. Under Charles II the state finances were in such a grievous condition that the crown found itself no longer able to honour its debts. The stop occurred on Tuesday 2 January 1672. Payments were suspended upon: The period of the stop was to be one year, ending on 31 December 1672. In the interim the King intended that interest would be paid to all those