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More than 5000 entries on the history, culture and life of Britain (published in 1993 by Macmillan, now out of print)
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Robert Walpole
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(1676–1745, KB 1725, earl of Orford 1742)
The first British *prime minister in the modern sense, the longest in the office and the first to inhabit 10 *Downing Street. Born the son of a country gentleman in Norfolk, he entered parliament in 1701 and rapidly established himself as a leading young *Whig and a member of the *Kit-Kat Club. He held important positions in the War of the *Spanish Succession (secretary-at-war 1708, treasurer of the navy 1710). The *Tories were in power from 1711 and Walpole became the effective leader of the opposition.
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In 1715, after the change to the *Hanoverian dynasty, he was made first lord of the Treasury and chancellor of the exchequer; but he resigned these posts in 1717, in a disagreement over foreign policy. Three years later the *South Sea Bubble brought him a double advantage. He argued forcefully against the scheme in parliament and in print, thus keeping clear of the scandal, but he also managed to sell his own stock at the peak of the market, making 1000% profit and laying the foundation of his fortune. He was thus well placed to lead the country when reappointed first lord of the Treasury and chancellor of the exchequer in 1721. He held both offices until 1742.
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He used his long tenure of office to secure the Hanoverian dynasty and the Whig supremacy, achieving both by shamelessly self-interested political appointments. The result was a period of relative stability in Britain, but one in which corruption became the norm in political life. The War of the *Austrian Succession was a national commitment for which he could find little enthusiasm and he resigned in 1742. He had made good use of his fortune in building *Houghton Hall and filling it with an outstanding collection of paintings. Sold by his grandson to Catherine the Great of Russia, they are now in the Hermitage.
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