Abstract
This article concentrates on explanations of Britain's economic decline which highlight the role of the Treasury. There is inconclusive evidence that stop-go financial policies and low investment have contributed to low growth. It is argued that foreign economic policy delayed the modernization of the economy. Although officials influence day-to-day strategy and the creation of instrumentation, the collegiate nature of decision-making means that civil service influence is hard to assess. The Treasury is constrained by pressure groups and by other departments in Whitehall. These constraints are examined with reference to the Medium-Term Financial Strategy. Finally, there are long-term reasons for Britain's decline and these do not originate in any one institution. It is not possible to analyse the role of the Treasury in isolation.
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