The Lord High Treasurer (also referred to as Lord Treasurer and as Lord High Treasurer and Treasurer of the Exchequer)
Section 2 of the Consolidated Fund Act 1816 also provides that "whenever there shall not be [a Lord High Treasurer of the United Kingdom of Great Britain and Ireland], it shall ... be lawful for His Majesty, by letters patent under the Great Seal of Great Britain, to appoint Commissioners for executing the Offices of Treasurer of the Exchequer of Great Britain and Lord High Treasurer of Ireland". These are the Lords Commissioners of the Treasury. In modern times, appointments of the Lords Commissioners of the Treasury were, by convention, given as sinecure positions to the prime minister of the United Kingdom, usually serving as the First Lord of the Treasury, and the chancellor of the exchequer, serving as the Second Lord of the Treasury. Other members of the government, usually whips in the House of Commons, are similarly appointed to serve as the Junior Lords Commissioners of the Treasury.
Origins
The English Treasury seems to have come into existence around 1126, during the reign of Henry I, as the financial responsibilities were separated from the rest of the job that evolved into Lord Great Chamberlain. The Treasury was originally a section of the Royal Household with custody of the King's money. In 1216, a Treasurer was appointed to take control of the Treasury in Winchester. The Treasurer was also an officer of the Exchequer, and supervised the royal accounts. In the 13th and early-14th century the same official was referred to interchangeably as the King's Treasurer and Treasurer of the Exchequer. It was in the 16th century, the office's title of King's Treasurer developed into Lord High Treasurer. By Tudor times, the Lord High Treasurer had achieved a place among the Great Officers of State, behind the Lord Chancellor and above the Master of the Horse. Under the Treason Act 1351 it is treason to kill him.
Appointment
thumb|right|The Lord High Treasurer bears a white staff as his symbol of office. This is [[William Cecil, 1st Baron Burghley.]]
The office of Lord High Treasurer is distinct from that of Treasurer of the Exchequer, albeit when the Treasury was held by an individual, he was invariably appointed to both offices. The appointment of Lord High Treasurer was made by the delivery of a white staff to the appointee; whereas that of Treasurer of the Exchequer was made at His Majesty's pleasure by letters patent under the Great Seal of the Realm.
By the 18th century the appointment of a new Lord High Treasurer took place with elaborate ceremony within Westminster Hall and the Exchequer.
The Treasury in Commission
The office was first put in commission on 16 June 1612. It has remained in commission since 1714.