Howard Davies - The Chancellors

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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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CONTENTS

1 Cover

2 Title Page The Chancellors Steering the British Economy in Crisis Times Howard Davies polity

3 Copyright Copyright © Howard Davies 2022 The right of Howard Davies to be identified as Author of this Work has been asserted in accordance with the UK Copyright, Designs and Patents Act 1988. First published in 2022 by Polity Press Polity Press 65 Bridge Street Cambridge CB2 1UR, UK Polity Press 101 Station Landing Suite 300 Medford, MA 02155, USA All rights reserved. Except for the quotation of short passages for the purpose of criticism and review, no part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. ISBN-13: 978-1-5095-4955-9 A catalogue record for this book is available from the British Library. Library of Congress Control Number: 2021948546 The publisher has used its best endeavours to ensure that the URLs for external websites referred to in this book are correct and active at the time of going to press. However, the publisher has no responsibility for the websites and can make no guarantee that a site will remain live or that the content is or will remain appropriate. Every effort has been made to trace all copyright holders, but if any have been overlooked the publisher will be pleased to include any necessary credits in any subsequent reprint or edition. For further information on Polity, visit our website: politybooks.com

4 Abbreviations Abbreviations AIFMDAlternative Investment Fund Management DirectiveB-DEMBespoke Dynamic Equivalence MechanismBEISDepartment for Business, Energy and Industrial StrategyCBIConfederation of British IndustryCCCCommittee on Climate ChangeCOPConference of the PartiesCPIConsumer Prices IndexCSTChief Secretary to the TreasuryDMODebt Management OfficeDTIDepartment of Trade and IndustryECBEuropean Central BankECJEuropean Court of JusticeEEAEuropean Economic AreaEMUEconomic and Monetary UnionERMExchange Rate MechanismESRCEconomic and Social Research CouncilESTEconomic Secretary to the TreasuryFCAFinancial Conduct AuthorityFCDOForeign, Commonwealth and Development OfficeFSAFinancial Services AuthorityFSRFinancial Stability ReviewFSTFinancial Secretary to the TreasuryGDPgross domestic productGFCglobal financial crisisGVAgross value addedHAMHigh Alignment ModelHMRCHer Majesty’s Revenue and CustomsICTinformation and communication technologiesIFSInstitute for Fiscal StudiesIMFInternational Monetary FundMOUMemorandum of UnderstandingMPCMonetary Policy CommitteeOBROffice for Budget ResponsibilityPFIprivate finance initiativePRAPrudential Regulation AuthorityPSAspublic service agreementsPSLprivate sector liquidityQEquantitative easingR&DResearch and DevelopmentRBSRoyal Bank of ScotlandRPIRetail Prices IndexSECSecurities and Exchange CommissionSIBSecurities and Investments BoardSMEsmall and medium-sized enterpriseSNPScottish National PartyTSCTreasury Select CommitteeWTOWorld Trade Organisation

5 Introduction Notes

6 1 Economic Performance 1997–2010: The Brown years 2010–16: The austerity years 2016–20: The EU Referendum and after Beyond Covid Notes

7 2 Macroeconomic Policy Notes

8 3 Public Expenditure Brown One: Married to Prudence Brown Two: Prudence jilted? Darling and the financial crisis Osborne: The austerity Chancellor The Hammond years Javid’s short-lived rules Sunak: Covid-19 Notes

9 4 Tax Policy Labour and tax: 1997–2010 Coalition and Conservatives: 2010–21 The Mirrlees Review Why is tax reform so difficult? Notes

10 5 Scotland: Saving the Union Notes

11 6 Europe: The Ins and Outs The euro: failing the tests Semi-detachment The EU referendum: Project Fear Brexit and after Notes

12 7 Financial Regulation and the City of London The Financial Services Authority The New Bank of England The gathering storm All hands to the pump Financial regulation after the crisis Brexit and the City Notes

13 8 Climate Change: The Road to Net Zero Notes

14 9 The Treasury’s Changing Shape Setting the Bank free John Birt’s teddy bear Structural changes Feeble threats Does size matter? Cheap but cheerful? Call a spad a spad Culture Notes

15 10 Leadership Gordon Brown Alistair Darling George Osborne Philip Hammond Sajid Javid Rishi Sunak Other ministers Permanent Secretaries Notes

16 11 Trouble Ahead 1. The Treasury View 2. Monetary and fiscal policy 3. Public finance post-Covid 4. Tax policy 5. Levelling up 6. Climate change 7. Productivity Notes

17 Index

18 End User License Agreement

Guide

1 Cover

2 Table of Contents

3 Title Page

4 Copyright

5 Abbreviations

6 Introduction

7 Begin Reading

8 Index

9 End User License Agreement

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