Robert Walpole Appointed First Lord of the Treasury
In the aftermath of the South Sea Bubble financial crisis that discredited many British politicians in 1720, King George I sought stable leadership for his government. On April 3, 1721, Robert Walpole, a skilled Whig statesman and former Chancellor of the Exchequer, received appointment as First Lord of the Treasury, Chancellor of the Exchequer, and Leader of the House of Commons. Walpole quickly consolidated power by managing royal finances, building parliamentary majorities through patronage, and steering policy during the reigns of George I and George II. He resided at 10 Downing Street starting in 1735, establishing it as the traditional home of the First Lord. Though he rejected the title of prime minister as a term of abuse, his long...