The Chancellors: Steering the British Economy in Crisis Times

The Treasury lost control of interest rates to the Bank of England in 1997 but reasserted its power by dominating policymaking and fighting off attempts to cut it down to size. It has been criticized for its response to the global financial crisis and the austerity programme but has also run into political controversy through its role in the Scottish referendum and the Brexit debate.

Format: Hardback
Length: 200 pages
Publication date: 27 May 2022
Publisher: Polity Press

The Treasury's loss of control over interest rates to the Bank of England in 1997 posed a significant threat to its status. However, it swiftly reasserted its power by dominating policymaking across Whitehall and diminishing the influence of other ministries. It also successfully resisted attempts by Prime Ministers, including Blair and Johnson, to reduce its size.

In this insightful insider account, based on extensive interviews with Chancellors and key senior officials, Howard Davies delves into the past twenty-five years of the Treasury's journey. While it faced heavy criticism for its response to the global financial crisis and the austerity program, it also encountered political controversies due to its involvement in the Scottish referendum and the Brexit debate. The Treasury's dire predictions of the impact of Brexit have not materialized. However, there was some redemption, albeit at a costly price, with its robust response to the COVID crisis.

This book is of immense value to anyone with an interest in economic policymaking, both in the UK and internationally. It provides a captivating and informative account of the Treasury's experiences and challenges over the past quarter-century.

Weight: 452g
Dimension: 144 x 224 x 29 (mm)
ISBN-13: 9781509549535