ORI [Wiley] The Chancellors: Steering British Economy In Crisis Times [Paperback] By Howard Davies

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 indepth interviews with the Chancellors and key senior officials, Howard Davies shows how the past twentyfive years have nonetheless been a rollercoaster ride the Treasury. Heavily criticized its response to the global financial crisis, and the rigours of the austerity programme, it also ran into political controversy through its role in the Scottish referendum and the Brexit debate. The Treasurys 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. Aone with an interest in economic policymaking, in the UK and elsewhere, will find this a valuable and entertaining account.