In 1717, consequent on changes in the ministry, Stanhope was made First Lord of the Treasury, but a year later he returned to his former office of secretary for the southern department.
In 1717, consequent on changes in the ministry, Stanhope was made First Lord of the Treasury, and was the last Chancellor of the Exchequer to sit in the House of Lords. A year later he returned to his former office of secretary for the southern department.