Following the death of Robert Cecil, Earl of Salisbury, the English Treasurership is put in commission for the first time, with Henry Howard, Earl of Nottingham as its first lord. Sir Julius Caesar, Chancellor of the Exchequer, compiles a report which concludes that at things stand, the annual expenditure of the English Crown exceeds its revenue by £160 000 and that the national debt has risen to £500 000.
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Citation: Editors, Litencyc. "Henry Howard, Earl of Nottingham, becomes first lord of the Treasury". The Literary Encyclopedia. First published 01 February 2011 [https://www.litencyc.com/php/stopics.php?rec=true&UID=15712, accessed 20 April 2024.]
