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Eighteenth Century British Prime Minister No.1

Sir Robert Walpole
Prime Minister: 1721-1742
Political faction: Whig
Predecessor: Charles Spencer, Earl of Sunderland
[Life: 26 August, 1676 – 18 March, 1745]

Click to read Overview of ‘PMs on the Pan‘

‘PM on the Pan’ Take Aways

• First British Prime Minister: Back in the Eighteenth century being called Prime Minister was a slur and in 1741, Walpole is reported to have declared: “I unequivocally deny that I am sole and prime minister.” The title Prime Minister did not officially exist until well into the Nineteenth century. On 3 April 1721, Britain’s King George I announced Walpole was First Lord of the Treasury and Chancellor of the Exchequer. These two roles are closely connected (see the UK Government website). Walpole has been nominated the first prime minister because of technical differences with his predecessor, Charles Spencer, Earl of Sunderland, who was First Lord of the Treasury (NOT prime minister) from 1718-1721.
• Longest serving British Prime Minister: Twenty years and 315 days was the length of his premiership. That’s the longest of any prime minister.
• Master of munificence: Walpole was supreme at creating support, largely by handing out positions in the government, military, universities, church and so on. This contributed to his political longevity.
• Surfed the South Sea Bubble of 1720: Walpole profited by buying shares in the South Sea Company and selling before the bubble ‘burst’, commonly referred to as the world’s first financial crash. He then successfully managed the aftermath, in which many notable and wealthy families lost huge amounts of money (Isaac Newton lost millions of pounds – in today’s money), to the satisfaction of many thereby solidifying his position and power for the next two decades.

Check out my On the Pan series of posts

1. First PM Sir Robert Walpole
2. Spence Compton, 1st Earl of Wilmington

Notes
The Prime Ministers, Iain Dale (2020) (Walpole article by Mark Fox)
The Impossible Office, Anthony Seldon (2021)
Historic-UK.com (South Sea Bubble)