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Tax News - Last Updated Sunday 1st June 2008

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What Is Happening In The UK Treasury Department?

Sunday 1st June 2008

The Treasury has not just been a vital component of government it has been THE department around which everything else rotates. Budgets, spending plans and taxes are all inter-linked with the Treasury and the position of Chancellor of the Exchequer has always been one of the most powerful positions in the land. So why has the department lost its way? What is going on?

After the recent debacles with include the Northern Rock affair, the non-domicile climb down, the 10p tax rate saga and a whole host of other embarrassing events it seems that the Treasury is scared forever. A number of market observers are pointing the finger at Gordon Brown and believe that he made a number of fundamental changes during his time in office, many of which have come back to haunt him

For hundreds of years the Treasury has been administered and run by civil servants who were always on hand to advise the Chancellor about what should be done, what could be done and what should not be done. Gordon Brown took away this safety net and installed a very tight band of advisers, whom he chose, weakening the position of many experienced civil servants. Now that their experience is required they are not available and the whole country is suffering.