HM Treasury in the context of "Non-departmental public body"

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⭐ Core Definition: HM Treasury

His Majesty's Treasury (HM Treasury or the Treasury) is the United Kingdom's economic and finance ministry. It maintains control over public spending, sets economic policy, and works to deliver economic growth. It is led by the Chancellor of the Exchequer, and is located in London. The Treasury traces its origins to the medieval Exchequer. It is one of the smallest departments by staff count, but widely considered the most powerful.

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👉 HM Treasury in the context of Non-departmental public body

In the United Kingdom, non-departmental public body (NDPB) is a classification applied by the Cabinet Office, Treasury, the Scottish Government, and the Northern Ireland Executive to public sector organisations that have a role in the process of national government but are not part of a government department. NDPBs carry out their work largely independently from ministers and are accountable to the public through Parliament; however, ministers are responsible for the independence, effectiveness, and efficiency of non-departmental public bodies in their portfolio.

The term includes the four types of NDPB (executive, advisory, tribunal, and independent monitoring boards) but excludes public corporations and public broadcasters (BBC, Channel 4, and S4C).

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HM Treasury in the context of Grant (money)

A grant is a fund given by a person or organization, often a public body, charitable foundation, a specialised grant-making institution, or in some cases a business with a corporate social responsibility mission, to an individual or another entity, usually, a non-profit organisation, sometimes a business or a local government body, for a specific purpose linked to public benefit. Unlike loans, grants are not intended to be paid back. Examples include student grants, research grants, the Sovereign Grant paid by the UK Treasury to the monarch, and some European Regional Development Fund payments in the European Union.

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HM Treasury in the context of First Lord of the Treasury

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. Traditional convention holds that the office of First Lord is held by the Prime Minister. 10 Downing Street is technically the official home of the First Lord, although it is now entirely associated with the Prime Minister's office. 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.

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HM Treasury in the context of Sir Charles Trevelyan, 1st Baronet

Sir Charles Edward Trevelyan, 1st Baronet, KCB (2 April 1807 – 19 June 1886) was an English civil servant and colonial administrator. As a young man, he worked with the colonial government in Calcutta, India. He returned to Britain and took up the post of Assistant Secretary to the Treasury. During this time he was responsible for facilitating the government's response to the Great Famine in Ireland. In the late 1850s and 1860s, he served there in senior-level appointments. Trevelyan was instrumental in the process of reforming the British Civil Service in the 1850s.

Today Trevelyan is mostly remembered for his reluctance to disburse direct government food and monetary aid to the Irish during the famine due to his strong belief in laissez-faire economics. Trevelyan's defenders say that larger factors than his own acts and beliefs were more central to the problem of the famine and its high mortality.

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HM Treasury in the context of Tax revenue

Tax revenue is the income that is collected by governments through taxation. Taxation is the primary source of government revenue. Revenue may be extracted from sources such as individuals, public enterprises, trade, royalties on natural resources and/or foreign aid. An inefficient collection of taxes is greater in countries characterized by poverty, a large agricultural sector and large amounts of foreign aid.

Just as there are different types of tax, the form in which tax revenue is collected also differs; furthermore, the agency that collects the tax may not be part of central government, but may be a third party licensed to collect tax which they themselves will use. For example, in the UK, the Driver and Vehicle Licensing Agency (DVLA) collects vehicle excise duty, which is then passed on to HM Treasury.

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HM Treasury in the context of Chancellor of the Exchequer

The Chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and the head of His Majesty's Treasury. As one of the four Great Offices of State, the chancellor is a high-ranking member of the British Cabinet.

Responsible for all economic and financial matters, the role is equivalent to that of a finance minister in other countries. The chancellor is now always Second Lord of the Treasury as one of at least six Lords Commissioners of the Treasury, responsible for executing the office of the Treasurer of the Exchequer – the others are the prime minister and Commons government whips. In the 18th and early 19th centuries, it was common for the prime minister also to serve as Chancellor of the Exchequer if he sat in the Commons; the last chancellor who was simultaneously prime minister and Chancellor of the Exchequer was Stanley Baldwin in 1923. Formerly, in cases when the chancellorship was vacant, the Lord Chief Justice of the King's Bench would act as chancellor pro tempore. The last lord chief justice to serve in this way was Lord Denman in 1834.

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HM Treasury in the context of Royal Mint

The Royal Mint is the United Kingdom's official maker of British coins. It is currently located in Llantrisant, Wales, where it moved in 1968.

Operating under the legal name The Royal Mint Limited, it is a limited company that is wholly owned by His Majesty's Treasury and is under an exclusive contract to supply the nation's coinage. As well as minting circulating coins for the UK and international markets, The Royal Mint is a leading provider of precious metal products.

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HM Treasury in the context of Commercial Secretary to the Treasury

The commercial secretary to the Treasury is a United Kingdom Government ministerial post in HM Treasury which usually ranks at parliamentary under-secretary of state level – though during Baroness Neville-Rolfe's tenure, it was of minister of state level. On the resignation of Lord O'Neill of Gatley in September 2016, the office ceased to be in use for three months, but Lord Young of Cookham was named to serve as Treasury spokesman in the House of Lords. The Baroness Neville-Rolfe was appointed as commercial secretary on 21 December 2016; her appointment ended in June 2017.

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