Board of Trade
The Board of Trade, originally the Lords of Trade or Lords of Trade and Plantations, is a committee of the Privy Council of the United Kingdom, first established as a temporary committee of inquiry in the 17th century that evolved gradually into a government department with a diverse range of functions. This department was merged with the Ministry of Technology in 1970 to form the Department of Trade and Industry (since 2009, the Department for Business, Innovation and Skills), headed by a Secretary of State for Trade and Industry (now Secretary of State for Business, Innovation and Skills), who is also President of the Board of Trade. The full Board has met only once since the mid-20th century, during commemorations of the bicentenary of the Board in 1986.
History
In 1621, King James I directed the Privy Council of England to establish a temporary committee to investigate the causes of a decline in trade and consequent financial difficulties. The Board's formal title remains "The Lords of the Committee of the Privy Council appointed for the consideration of all matters relating to Trade and Foreign Plantations".
