Robert Walpole

Walpole restored public confidence after the South Sea Company's collapse in 1720. He devised a plan to transfer company stock to the Bank of England and South Sea Company, stabilizing the financial system and protecting many investors from ruin.

Robert Walpole was appointed First Lord of the Treasury and Chancellor of the Exchequer in April 1721, following the South Sea Bubble crisis. He is widely regarded as Britain's first de facto prime minister, holding power for over two decades.

Walpole proposed an excise tax on wine and tobacco to replace customs duties and reduce smuggling. The plan faced intense public opposition and was withdrawn in April 1733. The failure weakened Walpole's political position but avoided widespread unrest.

Walpole resigned as First Lord of the Treasury on February 11, 1742, after losing a vote of no confidence in the House of Commons. His resignation marked the end of his 21-year tenure and established the precedent of a prime minister leaving office when losing parliamentary support.