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The big idea: should we abolish the Treasury?

Summary

The article argues that the Treasury is a powerful institution that is holding Britain back. It discusses how the Treasury's focus on short-termism and policy wheezes creates problems for long-term planning and investment. The article suggests that the Treasury should be divided into three parts in order to address these issues.

Q&As

What are the problems caused by the Treasury?
The problems caused by the Treasury include government by accountant, an addiction to policy wheezes, disempowerment of other government departments, and historic pessimism about the government's ability to improve the UK's economic growth.

How does the Treasury's structure foster these problems?
The Treasury's structure fosters these problems by creating incentives and a culture that prioritize short-termism, firefighting, and in-year expenditure over long-term planning, consultation, and investment.

How can the Treasury be fixed?
The Treasury can be fixed by unwinding the unique accumulation of powers that makes it so unusual and so mighty. One way to do this would be by dividing it into three parts: a budgetary department, a Department for Economic Growth, and a finance department.

What are the politics of making these changes to the Treasury?
The politics of making these changes to the Treasury are difficult, as the chancellor is a powerful and desirable office. However, the next few years may be a propitious opportunity to make these changes.

What is the history of attempted reforms to the Treasury?
The history of attempted reforms to the Treasury includes Harold Wilson's creation of the Department of Economic Affairs, which was brought down by an alcoholic secretary of state and a run on the pound. Tony Blair and Jonathan Powell considered similar reforms but decided it was a bridge too far.

AI Comments

👍 This is a well-reasoned and thought-provoking article that makes a strong case for reform of the Treasury.

👎 The author is clearly biased against the Treasury and is proposing a radical and unnecessary restructuring of a vital institution.

AI Discussion

Me: It's about how Britain should reform its Treasury.

Friend: Why?

Me: Because it's a powerful institution that is filled with brilliant people, but it's holding Britain back.

Friend: That's interesting. I hadn't thought about it that way.

Action items

Technical terms

The Treasury
The Treasury is the British government department responsible for economic policy.
Fiscal events
Fiscal events are the budget, statements, and spending reviews that the Treasury produces semi-annually.
Pasty tax
The pasty tax was a tax on hot food that was introduced by George Osborne in 2012.
Partygate
Partygate is a reference to the scandal surrounding Prime Minister Boris Johnson and his alleged misuse of public funds to pay for personal parties.
Productivity
Productivity is a measure of economic efficiency.

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