HISTORY OF HISTORY OF GREAT BRITAIN (FROM 1707) 
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The age of Walpole: AD 1721-42

The politician to benefit most from the South Sea Bubble is Robert Walpole, a leading Whig. He has the good luck to sell his own shares near the top of the market, laying the foundation of his fortune, yet his hands are clean politically.

Walpole holds high government office from 1715, as first lord of the treasury and chancellor of the exchequer, until he resigns in 1717 on an issue of foreign policy. He is therefore out of office during the build up towards the crisis of 1720. Moreover he argues forcefully against the South Sea Company being allowed to offer its shares in place of government bonds.

In the turmoil following the financial chaos of 1720 Walpole manages to preserve Whig control of parliament. In 1721 he is again appointed to his two earlier posts, as first lord of the treasury and chancellor of the exchequer. He holds both offices until 1742, developing a personal control over the British political system unrivalled in length by any minister before or since.

Walpole himself always rejects the term 'prime minister', but he is subsequently regarded as the first British politician to have held that office.
SOUTH SEA BUBBLE