Robert Walpole was born in Houghton, Norfolk, on 26 August 1676. He later spent more than twenty years as First Lord of the Treasury. He became widely regarded as Britain’s first prime minister. However, he did not hold a formal office of prime minister.

Walpole was the son of a Norfolk landowner and MP. He attended Eton and King’s College, Cambridge. Walpole left university after his elder brother’s death made him heir to the family estate. He entered the House of Commons in 1701 and developed his career within the Whig Party.

His rise was not uninterrupted. When the Tories were in government, Walpole was impeached for corruption in 1712 and imprisoned in the Tower of London. The Whigs returned to power after George I succeeded to the throne in 1714, and Walpole again held government office.

The crisis that established his dominance followed the collapse of the South Sea Bubble in 1720. The speculative scheme caused heavy financial losses and serious political damage. Walpole helped restore government credit and in 1721 became First Lord of the Treasury and Chancellor of the Exchequer.

He remained First Lord until 1742. His authority depended partly on maintaining royal confidence and partly on managing support in the House of Commons. His position came to resemble aspects of the premiership that developed after him. However, the modern office cannot simply be projected backwards onto his government.

One practical legacy survives in Downing Street. George II offered Walpole the house that became Number 10, but Walpole declined it as a personal gift. He asked instead that it be provided to him and future holders of the office of First Lord of the Treasury. He moved there in 1735.

Walpole resigned in 1742 and was created Earl of Orford. By then he had served as First Lord for more than twenty years. The office of prime minister had still not been formally created, but his long period as the government’s dominant minister had contributed to its development.