Her Majestys Paymaster General or HM Paymaster General is a ministerial position in the United Kingdom. When the post is held by a minister in HM Treasury it ranks third in the Treasury, after the Chancellor of the Exchequer, from 1848 to 1868, the post was held concurrently with that of Vice-President of the Board of Trade. The longest-serving holder of the post was Dawn Primarolo, whose portfolio covered HM Revenue, the incumbent Paymaster General is Ben Gummer, who is the Minister for the Cabinet Office. The Paymaster General was formerly in charge of the Office of HM Paymaster General, funds which were made available from the Consolidated Fund were channelled into OPG accounts, from where they were used by the relevant body. OPG operated a range of accounts and banking transaction services, including cheque and credit, BACS. Integration of OPG accounts held with commercial banks was provided by the private company Xafinity Paymaster, the post is now therefore usually combined with another role.
1836–1841 Edward Stanley 1841 Sir Edward Knatchbull, Bt, since the OPG website redirects to the new GBS site, Government Banking Service
Governor of the Bank of England
The Governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the Bank, the 120th and current Governor is the Canadian Mark Carney, appointed in 2013. He is the first non-Briton to be appointed to the post, chief Cashier of the Bank of England Deputy Governor of the Bank of England List of Governors of the Bank of England
Banknotes of the pound sterling
Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling. One pound is equivalent to 100 pence, three British Overseas Territories have currencies called pounds which are at par with the pound sterling. The Bank of England does act as a bank in that it has a monopoly on issuing banknotes in England and Wales. Pounds issued by Crown Dependencies and other areas are regulated only by local governments, until the middle of the 19th century, privately owned banks in Great Britain and Ireland were free to issue their own banknotes. Paper currency issued by a range of provincial and town banking companies in England, Wales. Under the Act, no new banks could start issuing notes, the last private English banknotes were issued in 1921 by Fox and Company, a Somerset bank. However, some of the provisions of the Bank Charter Act only applied to England. The Bank Notes Act was passed the year, and to this day. Notes issued in excess of the value of outstanding in 1844 must be backed up by an equivalent value of Bank of England notes.
Following the partition of Ireland, the Irish Free State created an Irish pound in 1928, in 1928 a Westminster Act of Parliament reduced the fiduciary limit for Irish banknotes circulating in Northern Ireland to take account of the reduced size of the territory concerned. Elizabeth II was not the first British monarch to have her face on UK banknotes. George II, George III and George IV appeared on early Royal Bank of Scotland notes, prior to the issue of its Series C banknotes in 1960, Bank of England banknotes generally did not depict the monarch. Today, notes issued by Scottish and Northern Irish banks do not depict the monarch, the monarch is depicted on banknotes issued by the Crown dependencies and on some of those issued by overseas territories. Their acceptance may depend on the experience and understanding of individual retailers, and it is important to understand the idea of legal tender, which is often misunderstood. The assumption that all sterling notes are legitimate and of equal value, in summary, the various banknotes are used as follows, Bank of England banknotes Most sterling notes are issued by the Bank of England.
These are legal tender in England and Wales, and are accepted by traders throughout the UK. Bank of England notes are accepted in the Overseas Territories which are at parity with sterling. In Gibraltar, there are examples of pairs of automatic cash dispensers placed together, one stocked with BoE notes, Scottish banknotes These are the recognised currency in Scotland, although they are not legal tender
As a result of this arrangement, the sovereign is not involved with the management or administration of the estate, exercising only very limited control of its affairs. Naturally occurring gold and silver in the UK, collectively known as Mines Royal, are managed by The Crown Estate, Crown Estate properties were administered by the reigning monarch to help fund the business of governing the country. In return, he received a grant known as the Civil list. By tradition, each subsequent monarch agreed to this arrangement upon his or her accession and this was intended to provide a long-term solution and remove the politically sensitive issue of Parliament having to debate the Civil List allowance every ten years. Subsequently, the Sovereign Grant Act allows for all future monarchs to simply extend these provisions for their reigns by Order in Council. The act does not imply any change on the nature of the estates ownership. The history of the Crown lands in England and Wales begins with the Norman conquest, when William I died, the land he had acquired by right of conquest was still largely intact.
His successors, granted estates to the nobles and barons who supplied them with men. The monarchs remaining land was divided into manors, each managed separately by a seneschal. The period between the reigns of William I and Queen Anne was one of alienation of lands. However, the disposals outweighed the acquisitions, at the time of the Restoration in 1660, by the end of the reign of William III, however, it was reduced to some £6,000. Before the reign of William III all the revenues of the kingdom were bestowed on the monarch for the expenses of government. As the state expanded, the cost of the civil government exceeded the income from the Crown lands and feudal rights. As a result, and to avoid embarrassment, he was granted a fixed civil list payment. Although the King had retained large hereditary revenues, his income proved insufficient for his charged expenses because he used the privilege to supporters with bribes. Debts amounting to over £3 million over the course of Georges reign were paid by Parliament, and the civil list annuity was increased from time to time.
It is intended that future funding will be set as a fraction of The Crown Estate revenue and paid through the annual Treasury Estimates process, the Grant is to enable The Queen to discharge her duties as Head of State. I. e it meets the central staff costs and running expenses of Her Majestys official Household – such things as official receptions, garden parties and so on
Coins of the pound sterling
The standard circulating coinage of the United Kingdom is denominated in pounds sterling, since the introduction of the two-pound coin in 1994, ranges in value from one penny to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 pence, from the 16th century until decimalisation, the pound was divided into 20 shillings, each of 12 pence. British coins are minted by the Royal Mint in Llantrisant, the Royal Mint commissions the coins designs. As of 30 March 2010, there were an estimated 28 billion coins circulating in the United Kingdom, the first decimal coins were circulated in 1968. These were the five pence and ten pence, and had values of one shilling, the decimal coins are minted in copper-plated steel, nickel-plated steel, cupro-nickel and nickel-brass. The two-pound coins, and, as of the 28th March 2017, all the circulating coins have an effigy of Queen Elizabeth II on the obverse, and various national and regional designs, and the denomination, on the reverse.
The exception, the 2008 one-pound coin, depicts the shield of arms on the reverse. All current coins carry a Latin inscription whose full form is ELIZABETH II DEI GRATIA REGINA FIDEI DEFENSATRIX, meaning Elizabeth II, by the grace of God, Queen, in addition to the circulating coinage, the UK mints commemorative decimal coins in the denomination of five pounds. Prior to decimalisation, the denomination was five shillings, that is. Crowns, had a value of 25p from decimalisation until 1981. Ceremonial Maundy money and bullion coinage of gold sovereigns, half sovereigns, some territories outside the United Kingdom, that use the pound sterling, produce their own coinage, with the same denominations and specifications as the UK coinage but local designs. In the years just prior to decimalisation, the circulating British coins were the half crown, the farthing had been withdrawn in 1960. There was the Crown, which was legal tender but only minted on special occasions, all modern coins feature a profile of the current monarchs head.
The direction in which they face changes with each successive monarch, for the Tudors and pre-Restoration Stuarts, both left and right-facing portrait images were minted within the reign of a single monarch. In the Middle Ages, portrait images tended to be full face, the English silver penny was derived from another silver coin, the sceat, of 20 troy grains weight, which was in general circulation in Europe during the Middle Ages. In the 12th century, Henry II established the silver standard for English coinage, of 92. 5% silver and 7. 5% copper. The coinage reform of 1816 set up a ratio and physical sizes for silver coins. Silver was eliminated from coins, except Maundy coins, in 1947, the history of the Royal Mint stretches back to AD886
Financial Secretary to the Treasury
Financial Secretary to the Treasury is a junior Ministerial post in the British Treasury. It is the 4th most significant Ministerial role within the Treasury after the Chancellor of the Exchequer, the Chief Secretary to the Treasury, and it is almost never a Cabinet office. The incumbent as of July 2016 is Jane Ellison, MP, the previous office holder was David Gauke, who was promoted to the position of Chief Secretary to the Treasury in July 2016. The first Junior Secretary to the Treasury is recorded as Thomas Harley who was appointed on 11 June 1711, the position has continued without any major interruption to the present day. The Junior Secretary however remained a substantive position working in the Treasury, while the exact date this change occurred is disputed it is agreed that by 1830 the distinction was complete. Notable former Financial Secretaries to the Treasury include Lord Frederick Cavendish, Austen Chamberlain, Stanley Baldwin, Enoch Powell, Nigel Lawson, the current responsibilities of the Financial Secretary to the Treasury include Departmental responsibility for the Office for National Statistics, and the Royal Mint.
The Financial Secretary to the Treasury had Departmental responsibility for HM Customs & Excise until the merger with the Inland Revenue to form HM Revenue, ^ Between June 1917 and May 1919 Lever and Baldwin jointly held the position of Financial Secretary. Note 2. ^ As Baldwin was both Prime Minister and Chancellor of the Exchequer Joynson-Hicks was a member of the Cabinet, colour key, Conservative Labour Secretary to the Treasury British History Online List of Secretaries to the Treasury Treasury Ministerial responsibilities
The leading pronoun in the departments name varies depending upon the gender of the reigning monarch. The beginnings of the Treasury of England have been traced by some to a known as Henry the Treasurer. This claim is based on an entry in the Domesday Book showing the individual Henry the treasurer as a landowner in Winchester, where the royal treasure was stored. The Treasury of the United Kingdom thus traces its origins to the Treasury of the Kingdom of England, the Treasury emerged from the Royal Household. It was where the king kept his treasures, the head of the Treasury was called the Lord Treasurer. Starting in Tudor times, the Lord Treasurer became one of the officers of state. In 1667, Charles II of England was responsible for appointing George Downing, the builder of Downing Street, to reform the Treasury. The Treasury was first put in commission in May or June 1660, the first commissioners were the Duke of Albermarle, Lord Ashley, W. Coventry, J. Duncomb, and T. Clifford. After 1714, the Treasury was always in commission, the commissioners were referred to as the Lords of the Treasury and were given a number based on their seniority.
Until 1827, the First Lord of the Treasury, when a commoner, held the office of Chancellor of the Exchequer, while if the First Lord was a peer, since 1827, the Chancellor of the Exchequer has always been Second Lord of the Treasury. During the time when the Treasury was under commission, the junior Lords were each paid £1600 a year, some of the other whips are nominally Lord Commissioner of HM Treasury, though they are all members of the House of Commons. Whip is a party, rather than a government and this has led to the Government front bench in the Commons being known as the Treasury Bench. However, since the no longer have any effective ministerial roles in the Treasury. Lord Young of Cookham, who serves currently as a government whip in the House of Lords, has named as Treasury spokesman. Ramsden is now sole Head of the GES, the previous Head of the GES was Sir Nick Stern. Management support for GES members is provided by the Economists in Government team, banknotes in the UK are normally issued by the Bank of England and a number of commercial banks.
Treasury notes had full legal status and were not convertible for gold through the Bank of England. They replaced the coin in circulation to prevent a run on sterling
Exchequer Secretary to the Treasury
It ranks at Parliamentary Secretary level and is not a Cabinet office. Unlike the other posts of Secretary in to the Treasury, it is used occasionally, normally when the post of Paymaster General is allocated to a Minister outside the Treasury. The office was reinstated in June 2007, when Angela Eagle was appointed Exchequer Secretary after Tessa Jowell had been appointed Paymaster General and Olympic Minister within the Cabinet Office. The previous Exchequer Secretary was Phillip Oppenheim, who held the post from 23 July 1996 to 2 May 1997, Angela Eagle was replaced by Kitty Ussher in the June 2009 reshuffle, with Jowell continuing in the Paymaster General role. Ussher resigned on 17 June 2009 and was replaced by Sarah McCarthy-Fry. Following the 2010 general election, the post was taken by Conservative MP David Gauke, in May 2015, Conservative MP Damian Hinds assumed the office. Following Theresa Mays first ministerial appointments in July 2016, the post is not currently in use. Colour key, Conservative Labour Secretary to the Treasury
Bank of England
The Bank of England, formally the Governor and Company of the Bank of England, is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world, after the Sveriges Riksbank, and it was established to act as the English Governments banker and is still one of the bankers for the Government of the United Kingdom. The Bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946, in 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with independence in setting monetary policy. The Banks Monetary Policy Committee has a responsibility for managing monetary policy. The Banks Financial Policy Committee held its first meeting in June 2011 as a macro prudential regulator to oversee regulation of the UKs financial sector, the Banks headquarters have been in Londons main financial district, the City of London, on Threadneedle Street, since 1734.
It is sometimes known by the metonym The Old Lady of Threadneedle Street or The Old Lady, the busy road junction outside is known as Bank junction. Until 2016, the bank provided banking services as a popular privilege for employees. Englands crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, England had no choice but to build a powerful navy. No public funds were available, and the credit of William IIIs government was so low in London that it was impossible for it to borrow the £1,200,000 that the government wanted. To induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor, the Bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue bank notes. The lenders would give the government cash and issue notes against the government bonds, the £1. 2m was raised in 12 days, half of this was used to rebuild the navy.
This helped the new Kingdom of Great Britain – England and Scotland were formally united in 1707 – to become powerful, the power of the navy made Britain the dominant world power in the late 18th and early 19th centuries. The establishment of the bank was devised by Charles Montagu, 1st Earl of Halifax, the plan of 1691, which had been proposed by William Paterson three years before, had not been acted upon. The Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the first governor was Sir John Houblon, who is depicted in the £50 note issued in 1994. The charter was renewed in 1742,1764, and 1781, the Bank moved to its current location in Threadneedle Street in 1734, and thereafter slowly acquired neighbouring land to create the edifice seen today. When the idea and reality of the National Debt came about during the 18th century, the 1844 Bank Charter Act tied the issue of notes to the gold reserves and gave the Bank sole rights with regard to the issue of banknotes.
Private banks that had previously had that right retained it, provided that their headquarters were outside London, a few English banks continued to issue their own notes until the last of them was taken over in the 1930s. Scottish and Northern Irish private banks still have that right, the bank acted as lender of last resort for the first time in the panic of 1866
It is subdivided into 100 pence. A number of nations that do not use sterling have called the pound. At various times, the sterling was commodity money or bank notes backed by silver or gold. The pound sterling is the worlds oldest currency still in use, the British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling, the Guernsey pound and the Jersey pound. The pound sterling is used in the Isle of Man, the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling is the fourth most-traded currency in the exchange market, after the United States dollar, the euro. Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, Sterling is the third most-held reserve currency in global reserves. The full, official name, pound sterling, is used mainly in formal contexts, otherwise the term pound is normally used.
The abbreviations ster. or stg. are sometimes used, the term British pound is commonly used in less formal contexts, although it is not an official name of the currency. The pound sterling is referred to as cable amongst forex traders, the origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable. Forex brokers are sometimes referred to as cable dealers, as another established source notes, the compound expression was derived, silver coins known as sterlings were issued in the Saxon kingdoms,240 of them being minted from a pound of silver. Hence, large payments came to be reckoned in pounds of sterlings, in 1260, Henry III granted them a charter of protection. And because the Leagues money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the Easterlings, and land for their Kontor, the Steelyard of London, which by the 1340s was called Easterlings Hall, or Esterlingeshalle.
For further discussion of the etymology of sterling, see sterling silver, the currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar is sometimes seen. The ISO4217 currency code is GBP, the abbreviation UKP is used but this is non-standard because the ISO3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes, GGP, JEP, stocks are often traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices. A common slang term for the pound sterling or pound is quid, since decimalisation in 1971, the pound has been divided into 100 pence. The symbol for the penny is p, hence an amount such as 50p properly pronounced fifty pence is more colloquially, quite often, pronounced fifty pee /fɪfti, pi and this helped to distinguish between new and old pence amounts during the changeover to the decimal system