“First Lord of the Treasury”? Is that the p.m.'s actual, legal title? Could it ever be held by one who is not p.m.?
And what exactly is the Privy Council? How does it differ from the Cabinet? Must all Cabinet members be Privy Councillors?
Sorry for the delay in getting back to you, BrainGlutton - just got back from a day-long journey to Winnipeg and back, having watched the Riders absolutely thrash the Bombers, 37-21, so it’s on to Edmonton for the Western Final: Green is the colour, football is the game…
Oh, sorry. Got distracted. Right, then, the British P.M.
Yes, his official title is “First Lord of the Treasury.” This reflects the development of Parliament’s control over the executive. The first battle was over taxes, with the Commons in particular asserting that no taxes could be raised without the consent of Parliament. Parliament won that fight in the Civil War and the Restoration.
But there was also a parallel fight - control over the tax money once it was appropriated. After all, what’s the point in gaining control over raising taxes, if the King just gets to spend it as he wills, on royal mistresses, dim-witted younger sons, grants to favourites, unpopular foreign wars,and so on? So Parliament was also pushing for some measure of control over the way the taxes were spent. After they were successful in establishing control over taxes, they moved on to control over spending. That issue was primarily fought out from the period between William III & Mary II to George I and II, if I recall correctly. Parliament eventually won that fight as well, and gradually gained control over public spending, as APB mentions.
The result is that the formal title of the Prime Minister is “First Lord of the Treasury,” Similarly, the front bench on the government side of the Commons is called the “treasury bench”, and barristers appearing for the Crown in court are briefed by the Treasury solicitors. The control over money is one of the hallmarks of government power.
In answer to your question, only the PM will hold the office of First Lord of the Treasury. (Which is not the same as Chancellor of the Exchequer, by the way - that’s the equivalent of the Finance Minister. Obviously a very power Cabinet post, but subordinate to the PM.)
Here’s a link to a site discussing the First Lord of the Treasury. It states that from Walpole’s time to the end of the 19th century, the Prime Minister normally held the post, but there were exceptions. From 1905 onwards, the PM has always been the First Lord of the Treasury. The Chancellor of the Exchequer is the Second Lord.