| Rt Hon Peter Alexander Rupert Carington, Baron Carrington | 8 January 1974 | 4 March 1974 |
| Rt Hon Eric Graham Varley | March 1974 | June 1975 |
| Rt Hon Anthony Neil Wedgewood Benn | 10 June 1975 | 4 May 1979 |
| Rt Hon David Arthur Russell Howell | May 1979 | 14 September 1981 |
| Rt Hon Nigel Lawson, Baron Lawson of Blaby | 14 September 1981 | 11 June 1983 |
| Rt Hon Peter Edward Walker | 11 June 1983 | 13 June 1987 |
| Rt Hon Cecil Edward Parkinson | 13 June 1987 | 24 July 1989 |
| Rt Hon John Wakeham | 24 July 1989 | 11 April 1992 |