The Lord High Treasurer functions as the head of the monarchs Treasury. Since the 17th century, the office has often been held, not by a single person, but placed in commission, so that a board of individuals jointly exercise the powers of the Lord High Treasurer.

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The English Treasury came into force around 1126, during the reign of King Henry 1st of England, when the financial responsibilities were separated from the rest of the job that evolved into Lord Great Chamberlain. By 1216, a Treasurer was appointed to take control of the Treasury in Winchester. The Treasurer was also an officer of the Exchequer and supervised the royal accounts.

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During Tudor times, the Lord High Treasurer had achieved a place among the Great Officers of State, behind the Lord Chancellor and above the Master of the Horse. Under the Treason Act 1351, it was treason to kill him.

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Today, the First Lord of the Treasury is, as a rule, the Prime Minister, and the Second Lord of the Treasury is the Chancellor of the Exchequer, who has inherited most of the functional financial responsibilities.