The committe had existed since 1621 when James I set it up to discover why trade had disintergrated in financial crisis. The Board's formal title remains The Lords of the Committee of Privy Council appointed for the consideration of all matters relating to Trade and Foreign Plantations but was commonly known as Board of trade and it was formalised in 1861. Has had long periods of inactivity. Known as the Department of Trade and Industry since 1970.