James Waldegrave, 2nd Earl Waldegrave, was an English politician and peer who is sometimes regarded as one of the shortest-serving prime ministers in British history. His brief tenure as First Lord of the Treasury is lent a more lasting significance by his memoirs, which are regarded as significant in the development of Whig history.

The First Lord of the Treasury is the head of the Lords Commissioners of the Treasury exercising the ancient office of Lord High Treasurer in the United Kingdom. Constitutional convention holds that the office of First Lord is held by the Prime Minister. The office is not the United Kingdom's finance minister; this role is instead held by the Chancellor of the Exchequer, who is the second lord of the Treasury.