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HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy. Taxation in the United Kingdom may involve payments to a minimum of two different levels of government The central government ( Her Majesty's Revenue and Customs) The politics of the United Kingdom of Great Britain and Northern Ireland takes place in the framework of a Constitutional monarchy, in which the Monarch is Head Taxation in the United Kingdom may involve payments to a minimum of two different levels of government The central government ( Her Majesty's Revenue and Customs) Taxation in the United Kingdom may involve payments to a minimum of two different levels of government The central government ( Her Majesty's Revenue and Customs) For other uses see Paye (disambiguation PAYE ( Pay As You-Earn) is an amount collected by Employers on behalf of the government Value added tax ( VAT) or goods and services tax ( GST) is a consumption Tax levied on value added. National Insurance (NI is a system of taxes and related Social security benefits in the United Kingdom. Throughout this article the unqualified term "pound" and the £ symbol refer to the United Kingdom pound. In the United Kingdom, Inheritance Tax was first introduced as a tax on estates in England and Wales over a certain value from 1796 then called legacy succession In the United Kingdom, Stamp duty is a form of tax charged on instruments (that is written documents and requires a physical stamp to be attached to or impressed upon the A capital gains tax (abbreviated CGT) is a Tax charged on Capital gains the profit realized on the sale of a non-inventory Asset that was purchased Motoring Taxation in the United Kingdom comes in a variety of forms Taxation in the United Kingdom may involve payments to a minimum of two different levels of government The central government ( Her Majesty's Revenue and Customs) Council Tax is the system of local Taxation used in England, Scotland and Wales to part fund the services provided by local government in each Rates are a type of taxation system in the United Kingdom, and in places with systems deriving from the British one used to fund Local government. Business rates is the commonly used name of non-domestic rates, a Tax on the occupation of non-domestic property Personal income taxes See also Income tax in Australia Only the federal government imposes income taxes on individuals and this is the most significant source of Taxation in the British Virgin Islands is relatively simple by comparative standards photocopies of all of the tax laws of the British Virgin Islands would together amount to about 200 The level of Taxation in Canada is average among Organisation for Economic Co-operation and Development (OECD countries Taxes provide the most important revenue source for the Government of the People's Republic of China. See Government of Colombia for a wider perspective of Colombian government See Government of France for a wider perspective of French government Taxes in Germany —being a Federal Republic —are levied by the federation ( Bund) the States ( Länder) as well as the HK Inland Revenue Ordinance Cap112 is one of Hong Kong's Ordinances Taxes in India are levied by the Central Government and the State Governments This article ls with Taxation in Indonesia or pajak. Definitions "Pajak" in Indonesian for Tax and taxes whereas " Perpajakan The system of Taxation in Ireland is broadly similar to the system of Taxation in the United Kingdom. The Netherlands has a rich history dealing with taxation predating the Romanic period. Taxation in New Zealand is collected at a national level by the Inland Revenue Department (IRD on behalf of the Government of New Zealand. The Income tax in Peru is collected by the Superintendencia Nacional de Administración Tributaria, best known as SUNAT. The Russian Tax Code is the primary tax law for the Russian Federation. Individual income tax in Singapore forms part of two main sources of Income tax, the other being Corporate taxes on companies In Tanzania the Income Tax Act 2004 came into effect in July 2004 Taxation in the United Kingdom may involve payments to a minimum of two different levels of government The central government ( Her Majesty's Revenue and Customs) Taxation in the United States is a complex system which may involve payment to at least four different levels of government and many methods of taxation Value added tax ( VAT) or goods and services tax ( GST) is a consumption Tax levied on value added. Comparison of Tax Rates around the world is a difficult and somewhat subjective enterprise This table lists countries by total 2005 Tax revenues (federal state and local as a percentage of GDP (Gross Domestic Product Her Majesty's Government of the United Kingdom contains a number of Ministers and Secretaries of State. Public finance is a field of economics concerned with paying for collective or governmental activities and with the administration and design of those activities Economic policy refers to the actions that Governments take in the economic field.
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History
The English Treasury seems to have come into existence around 1126, in the reign of Henry I. England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland Henry I (c 1068/1069 – 1 December 1135) was the fourth son of William I the Conqueror, the first King of England after the Norman The Treasury emerged out of the Royal Household, and served as the location where the king kept his treasures. The royal household in all the early medieval monarchies of Western Europe formed the basis for the general government of the country The head of the Treasury was called the Lord Treasurer. Starting in Tudor times, the Lord Treasurer became one of the chief officers of state, and competed with the Lord Chancellor for the principal place. The Tudor dynasty or House of Tudor was an English royal Dynasty that lasted 118 years from 1485 to 1603 a period known as the Tudor period The Lord High Chancellor of Great Britain, or Lord Chancellor is a senior and important functionary in the Government of the United Kingdom.
In 1667 Charles II of England was responsible for appointing George Downing (the builder of Downing Street) to radically reform the Treasury and the collection of taxes. Charles II (Charles Stuart 29 May 1630 – 6 February 1685 was the King of England, Scotland, and Ireland. Downing Street is the street in London, England, which for over two hundred years has contained the official residences of two of the most senior British cabinet ministers
Beginning in the 17th century, the Treasury was frequently entrusted to a commission, rather than to a single individual, and after 1714, it was always in commission. As a means of recording the passage of Time, the 17th Century was that Century which lasted from 1601 - 1700 in the Gregorian calendar Year 1714 ( MDCCXIV) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar (or a The commissioners were referred to as Lords of the Treasury, and given a number based on seniority. Eventually, the First Lord of the Treasury came to be seen as the natural head of any government, and from Robert Walpole on, began to be known, unofficially, as the prime minister. The First Lord of the Treasury is the head of the commission exercising the ancient office of Lord High Treasurer in the United Kingdom, usually but not Robert Walpole 1st Earl of Orford, KG, KB, PC (26 August 1676 &ndash 18 March 1745 known before 1742 as Sir Robert Walpole, was a The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is the political leader of the United Kingdom Before 1827, the First Lord of the Treasury, when a commoner, also held the office of Chancellor of the Exchequer, while if the First Lord was a peer, the Second Lord would usually serve as Chancellor. Year 1827 ( MDCCCXXVII) was a Common year starting on Monday (link will display the full calendar of the Gregorian Calendar (or a Common The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all Economic and Financial Since 1827, the Chancellor of the Exchequer has always been Second Lord of the Treasury.
Banknote issue
Banknotes in the UK are normally issued by the Bank of England and a number of commercial banks (see Banknotes of the pound sterling). The Bank of England is the Central Bank of the United Kingdom and one of eight banks legally authorised to issue banknotes in the UK The Bank of England (formally the Governor and Company of the Bank of England) is a state-owned institution and the Central bank of the United Kingdom Sterling banknotes are the Banknotes of the United Kingdom and British Islands, denominated in pounds sterling (symbol £ At the start of the First World War, the Currency and Bank Notes Act 1914 was passed which gave the Treasury temporary powers for issuing banknotes to the value of £1 and 10/- (ten shillings) in the UK. World War I (abbreviated WWI; also known as the First World War, the Great War, and the War to End All Treasury notes had full legal tender status and were convertible for gold through the Bank of England. Unusually, these notes featured an image of King George V - Bank of England notes did not begin to display an image of the monarch until 1960. The wording on each note was UNITED KINGDOM OF GREAT BRITAIN AND IRELAND — Currency notes are Legal Tender for the payment of any amount — Issued by the Lords Commissioners of His Majesty's Treasury under the Authority of Act of Parliament (4 & 5 Geo. V c. 14).
The notes were issued until 1928, when the Currency and Bank Notes Act 1928 returned note-issuing powers to the banks [1].
Whips
Some of the Government Whips are also associated in name with the Treasury: the Chief Whip is nominally Parliamentary Secretary to the Treasury and traditionally had an office in 12 Downing Street. Whip is a role in party-based politics whose primary purpose is to ensure control of the formal decision-making process in a parliamentary legislature Downing Street is the street in London, England, which for over two hundred years has contained the official residences of two of the most senior British cabinet ministers Some of the other Whips are nominally a Lord Commissioner of HM Treasury though these are all members of the House of Commons. The House of Commons' is the Lower house of the Parliament of the United Kingdom, which also comprises the Sovereign and the House of Lords This led to the Government frontbench in the Commons being known as the Treasury Bench. In many Parliaments and other similar assemblies seating is typically arranged in banks or rows with each Political party or Caucus grouped together However, since the Whips no longer have any effective ministerial role in the Treasury, they are usually not listed as Treasury ministers.
Ministers of HM Treasury
(As of 24 January 2008. Events 41 - Gaius Caesar (Caligula, known for his eccentricity and cruel Despotism, is Assassinated by his disgruntled 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common )
Ministers working in HM Treasury:
- Chancellor of the Exchequer and Second Lord of the Treasury— The Rt Hon. The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all Economic and Financial Alistair Darling MP
- Chief Secretary to the Treasury — The Rt Hon. Alistair Maclean Darling (born 28 November 1953 is a British Politician and Chancellor of the Exchequer since 28 June 2007 The Chief Secretary to the Treasury is the second most senior ministerial position in HM Treasury, after the Chancellor of the Exchequer. Yvette Cooper MP
- Financial Secretary to the Treasury - The Rt Hon. Yvette Cooper (born 20 March 1969 is a British Politician. She is the Labour Member of Parliament for Pontefract and Castleford and Financial Secretary to the Treasury is a junior Ministerial post in the UK Treasury. Jane Kennedy MP
- Economic Secretary to the Treasury - Kitty Ussher MP
- Exchequer Secretary to the Treasury - Angela Eagle MP
Other Ministers associated with HM Treasury:
- Prime Minister and First Lord of the Treasury— The Rt Hon. Jane Elizabeth Kennedy (born 4 May 1958, as Jane Elizabeth Hodgson) is a Labour Party politician in the United Kingdom, and currently The Economic Secretary to the Treasury is the fifth and most junior ministerial post in the UK Treasury, after the Chancellor of the Exchequer, the Chief Secretary Katherine Anne "Kitty" Ussher (born 18 March 1971 in Aylesbury, Buckinghamshire) is a politician in the United Kingdom. The Exchequer Secretary to the Treasury is one of the most junior ministerial posts in the UK Treasury, after the Chancellor of the Exchequer, the Chief Secretary Angela Eagle (born 17 February 1961 is Labour Member of Parliament for Wallasey. The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is the political leader of the United Kingdom Gordon Brown MP
- Parliamentary Secretary to the Treasury and Chief Whip — The Rt Hon. WikipediaManual of Style (biographies#Academic titles --> James Gordon Brown (born 20 February 1951 is In the United Kingdom, there are at five Secretaries to the Treasury, officials officially acting as secretaries to the Treasury board Geoff Hoon MP
- Minister of State — Liam Byrne MP (Joint with Home Office)
- Paymaster General — Tessa Jowell MP
Permanent Secretaries of HM Treasury
The position of Permanent Secretary of HM Treasury is generally regarded as the second most influential in the British Civil Service; the last two incumbents have gone on to be Cabinet Secretary, the only post out-ranking it. Geoffrey 'Geoff' William Hoon (born 6 December 1953 is a British Politician. Minister of State is a title borne by politicians or officials in certain countries governed under a Parliamentary system. Liam Dominic Byrne (born 2 October 1970 is a British Labour Party politician HM Paymaster General is a ministerial position in the United Kingdom. Tessa Jowell (born 17 September 1947 in London) is a British Politician. The Permanent Secretary, in most departments officially titled the Permanent Under-Secretary of State (although the full title is rarely used is the most senior civil Her Majesty's Civil Service, also known as the Home Civil Service, is the permanent Bureaucracy of Crown employees that supports UK Government Ministers A Cabinet Secretary is almost always a senior official (almost always a civil servant who provides services and advice to a Cabinet of Ministers.
- Nicholas Macpherson (2005–present)
- Sir Gus O'Donnell (2002–2005)
- Sir Andrew Turnbull (1998–2002)
- Sir Terence Burns (1991–1998)
- Sir Peter Middleton (1983–1991)
- Sir Douglas Wass (1974–1983)
- Sir Douglas Allen (1968–1974)
- Sir William Armstrong (1962–1968)
- Sir Laurence Helsby (1963–1968)
- Sir Norman Brook (1956–1963)
- Sir Frank Lee (1960–1962)
- Sir Roger Makins (1956–1959)
- Sir Edward Bridges (1945–1956)
- Sir Richard Hopkins (1942–1945)
- Sir Horace Wilson (1939–1942)
- Sir Warren Fisher (1919–1939)
- Sir Robert Chalmers (1916–1919)
- Sir George Murray (1903–1911)
- Sir Francis Mowatt (1894–1903)
The Second Permanent Secretary is John Kingman, the managing director of the Public Services and Growth division. Nicholas Macpherson (born 1959 is a senior British civil servant, serving as the Permanent Secretary to the Treasury since 2 August 2005 Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Sir Augustine Thomas O'Donnell, KCB, born October 1, 1952, known as Sir Gus O'Donnell (and informally as GOD is the Cabinet Secretary See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Andrew Turnbull is the name of several notable people Dr Andrew Turnbull (1718–1792 early colonizer of Florida Andrew Turnbull Baron Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Terence (Terry Burns Baron Burns, GCB (born 13 March 1944) is a British Economist. Year 1991 ( MCMXCI) was a Common year starting on Tuesday (link will display full calendar of the Gregorian Calendar. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Sir Peter E Middleton GCB (born 1934 in Sheffield) is a famous British banker Year 1983 ( MCMLXXXIII) was a Common year starting on Saturday (link displays the 1983 Gregorian calendar) Year 1991 ( MCMXCI) was a Common year starting on Tuesday (link will display full calendar of the Gregorian Calendar. Year 1974 ( MCMLXXIV) was a Common year starting on Tuesday (link will display full calendar of the 1974 Gregorian calendar. Year 1983 ( MCMLXXXIII) was a Common year starting on Saturday (link displays the 1983 Gregorian calendar) Douglas Albert Vivian Allen Baron Croham GCB, FRSA (born 15 December 1917) is a British politician and civil servant Year 1968 ( MCMLXVIII) was a Leap year starting on Monday (link will display full calendar of the Gregorian calendar. Year 1974 ( MCMLXXIV) was a Common year starting on Tuesday (link will display full calendar of the 1974 Gregorian calendar. William Armstrong Baron Armstrong of Sanderstead GCB, MVO, PC ( 3 March 1915 &ndash 12 July 1980) was a Year 1962 ( MCMLXII) was a Common year starting on Monday (the link is to a full 1962 calendar of the Gregorian calendar. Year 1968 ( MCMLXVIII) was a Leap year starting on Monday (link will display full calendar of the Gregorian calendar. Year 1963 ( MCMLXIII) was a Common year starting on Tuesday (link will display full calendar of the Gregorian calendar. Year 1968 ( MCMLXVIII) was a Leap year starting on Monday (link will display full calendar of the Gregorian calendar. Norman Craven Brook 1st Baron Normanbrook GCB, PC ( 29 April 1902 - 15 June 1967) was a British civil servant Year 1956 ( MCMLVI) was a Leap year starting on Sunday (link will display full calendar of the Gregorian calendar. Year 1963 ( MCMLXIII) was a Common year starting on Tuesday (link will display full calendar of the Gregorian calendar. Year 1960 ( MCMLX) was a Leap year starting on Friday (link will display full calendar of the Gregorian calendar. Year 1962 ( MCMLXII) was a Common year starting on Monday (the link is to a full 1962 calendar of the Gregorian calendar. Roger Mellor Makins 1st Baron Sherfield, GCB, GCMG, FRS ( 3 February 1904 – 9 November, 1996) was a Year 1956 ( MCMLVI) was a Leap year starting on Sunday (link will display full calendar of the Gregorian calendar. The year 1959 ( MCMLIX) was a Common year starting on Thursday (link will display full calendar of the Gregorian calendar. Edward Ettingdene Bridges 1st Baron Bridges, KG, GCB, GCVO, PC, MC ( 4 August 1892 &ndash 27 August Year 1945 ( MCMXLV) was a Common year starting on Monday (link will display the full calendar Year 1956 ( MCMLVI) was a Leap year starting on Sunday (link will display full calendar of the Gregorian calendar. Sir Richard Valentine Nind Hopkins, GCB, PC (1880-1955 was a British Civil servant. Year 1942 ( MCMXLII) was a Common year starting on Thursday (the link will display the full 1942 calendar of the Gregorian calendar. Year 1945 ( MCMXLV) was a Common year starting on Monday (link will display the full calendar There are several people named Horace Wilson: Horace John Wilson (1882&ndash1972 a British government official Horace Wilson (professor Year 1939 ( MCMXXXIX) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar. Year 1942 ( MCMXLII) was a Common year starting on Thursday (the link will display the full 1942 calendar of the Gregorian calendar. Sir (Norman Fenwick Warren Fisher (1879 &ndash 1948 was a British Civil servant. Year 1919 ( MCMXIX) was a Common year starting on Wednesday (link will display the full calendar of the Gregorian calendar (or a Common Year 1939 ( MCMXXXIX) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar. Robert Chalmers 1st Baron Chalmers GCB PC ( 18 August 1858 &ndash 17 November 1938) was a British civil servant Year 1916 ( MCMXVI) was a Leap year starting on Saturday (link will display the full calendar of the Gregorian calendar (or a Leap year Year 1919 ( MCMXIX) was a Common year starting on Wednesday (link will display the full calendar of the Gregorian calendar (or a Common George Murray may refer to Lord George Murray (general (1694&ndash1760 Jacobite general Lord George Murray (bishop (1761&ndash1803 Year 1903 ( MCMIII) was a Common year starting on Thursday (link will display calendar of the Gregorian calendar or a Common year starting Year 1911 ( MCMXI) was a Common year starting on Sunday (link will display the full calendar of the Gregorian calendar (or a Common year Year 1894 ( MDCCCXCIV) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Common Year 1903 ( MCMIII) was a Common year starting on Thursday (link will display calendar of the Gregorian calendar or a Common year starting With effect from June 2007, the post of Head of the Government Economic Service (GES) is held jointly by the Managing Director of Macroeconomic and Fiscal Policy in HM Treasury, Dave Ramsden, and Vicky Pryce, Chief Economist in the Department for Business, Enterprise and Regulatory Reform. The Government Economic Service (GES is a professional carck grouping of over 1000 UK civil service Economists who work in 30 government departments and agencies Dave Ramsden (born 1964) is a senior British civil servant serving from June 2007 as the Managing Director of HM Treasury 's new Macroeconomic and Fiscal Policy The Department for Business Enterprise and Regulatory Reform ( BERR) is a United Kingdom government department. The previous Head of the GES was Sir Nick Stern. For the film producer see Nicholas Stern. Nicholas Herbert Stern Baron Stern of Brentford, FBA (born 22 April 1946 Management support for GES members is provided by the Economists in Government team, which is located in HM Treasury's building.
Agencies of HM Treasury
- Office of Government Commerce (OGC) reporting to the Financial Secretary to the Treasury
- OGCBuying.Solutions an executive agency of OGC and reporting to the Financial Secretary
- National Savings and Investments reporting to the Economic Secretary
- The Royal Mint reporting to the Financial Secretary
- UK Debt Management Office reporting to the Economic Secretary
- Her Majesty's Revenue and Customs, for which the Minister is the Financial Secretary
- Valuation Office Agency, an agency of HM Revenue and Customs
See also
- List of Commissioners of the Treasury
- List of Lord Treasurers
- Lord High Treasurer
- United Kingdom budget
External links
References
- ^ Trevor R Howard. The Office of Government Commerce (OGC is an independent office of Her Majesty's Treasury, a department of state in the government of the United Kingdom. OGCbuyingSolutions is the UK government Executive agency charged with procurement management National Savings and Investments (NS&I) formerly called the National Savings Bank, is a state-owned savings bank in the United Kingdom. The Royal Mint is the body permitted to manufacture or mint, coins in the United Kingdom. The UK Debt Management Office (or DMO) was established on 1 April 1998. The Valuation Office Agency is a government body in the United Kingdom. This is a list of Lords Commissioners of the Treasury of Great Britain. This is a list of Lord High Treasurers of England and later of Great Britain. The post of Lord High Treasurer or Lord Treasurer is an old English (after 1707, British) government position The United Kingdom budget in the field of Public finance deals with HM Treasury Budgeting the Revenues gathered by Her Majesty's Revenue and Treasury notes. Retrieved on 2007-10-12. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 539 BC - The army of Cyrus the Great of Persia takes Babylon.
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