Treasury, the

Updated: Aug 20, 2021

Managed by the Chancellor of the exchequer, this British government department coordinates national economic policy (including monetary policy), and controls public expenditure. Some of the Treasury’s functions passed to the Department of Economic Affairs when it was set up in 1964, but returned to it in 1969 when the D.E.A. was closed. Also, prior to the establishment of the Civil Service Department in 1970, the Treasury was responsible for the management of the Civil Service, but the Civil Service Depart­ment has now taken over this role.

Reference: The Penguin Dictionary of Economics, 3rd edt.

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