The Chancellors. Howard DaviesЧитать онлайн книгу.
169
174 170
175 171
176 172
177 173
178 174
179 175
180 176
181 177
182 178
183 179
184 180
185 181
186 182
187 183
188 184
189 185
190 186
191 187
192 188
193 189
194 190
195 191
196 192
197 193
198 194
199 195
200 196
201 197
202 198
203 199
204 200
205 201
206 202
207 203
208 204
209 205
210 206
211 207
212 208
213 209
214 210
215 241
216 242
217 243
218 244
219 245
220 246
221 247
222 248
223 249
224 250
225 251
226 252
227 253
228 254
229 255
230 256
231 257
232 258
The Chancellors
Steering the British Economy in Crisis Times
Howard Davies
polity
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:
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
Introduction
In 2006, I edited and introduced The Chancellors’ Tales.1 It included lectures given at the London School of Economics by the five former Chancellors of the Exchequer then alive: Denis Healey, Geoffrey Howe, Nigel Lawson, Norman Lamont and Kenneth Clarke (I excluded John Major who had served for a short period). Their brief was to reflect on the challenges of running the Treasury.
The period covered ran from 1974 to 1997. Aside from