When the Treasury lost control of interest rates to the Bank of
England in 1997, its status looked under threat. However, it
quickly reasserted its power by dominating policymaking across
Whitehall and diminishing other ministries in the process. It also
successfully fought off attempts by Prime Ministers, from Blair to
Johnson, to cut it down to size. In this fascinating insider
account, based on in-depth interviews with the Chancellors and key
senior officials, Howard Davies shows how the past twenty-five
years have nonetheless been a roller-coaster ride for the Treasury.
Heavily criticized for its response to the global financial crisis,
and for the rigours of the austerity programme, it also ran into
political controversy through its role in the Scottish referendum
and the Brexit debate. The Treasury's dire predictions of the
impact of Brexit have not been borne out. Redemption of a kind,
though a costly one, came from its muscular response to the COVID
crisis. Anyone with an interest in economic policymaking, in the UK
and elsewhere, will find this a valuable and entertaining account.
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