Her Majesty’s Treasury (commonly known as HM Treasury) is the United Kingdom’s economics and finance ministry.
On 17 October 2011, Sir Nicholas Macpherson, Permanent Secretary of the Treasury, announced a review of the Treasury’s response to the financial crisis. The announcement followed recommendations from the Public Accounts Committee and the National Audit Office for the Treasury to conduct a ‘lessons learnt’ exercise.
The Review’s remit was to examine:
- the Treasury’s capability on financial services ahead of the crisis;
- the pace at which the Treasury built its capability when the crisis hit; and
- whether the capability and senior management arrangements put in place to handle the crisis and the aftermath have been adequate.
The findings were intended to inform decisions on the organisational arrangements of HM Treasury as part of its Spending Review settlement, and the Review was invited to make recommendations with the aim of:
- ensuring that the Treasury has the capability it needs going forward;
- improving the retention of people with the necessary skills, expertise, and experience, having consideration to issues of Treasury culture and values, as well as remuneration; and
- ensuring that the Treasury has robust arrangements for risk management, contingency planning and knowledge management.
HM Treasury also works closely with HM Revenue & Customs.
Movers and shakers
The Treasury’s business plan sets out the actions the department will take to support delivery of the Government’s priorities. Structural Reform plan progress reports and Business Plan Quarterly Data Summaries are also published here.
The objective for HM Treasury’s engagement with the Overseas Territories is to help fulfil the Government’s responsibilities to the Overseas Territories while ensuring that sound governance and public financial management minimise risks to the Exchequeur
A twice yearly publication of new Treasury regulations
For the economy to flourish, people, goods and information must move freely. Businesses across all regions and industries need the right conditions to grow. Reliable infrastructure is essential to achieving this. Ensuring networks are integrated and resilient is vital. Failure to make the right choices at the right time, or pausing investment, risks not only growth but also the UK’s international competitiveness.
Over the centuries, the UK has had a great record of investing in world class infrastructure to underpin economic growth. From the earliest days, infrastructure has been built by a combination of public and private money, in ventures involving business and both national and local government. Private capital was given the incentive to invest in often cutting-edge technology, by the prospect of earning proper returns.
The role of the Government is to specify the infrastructure that is needed, identify the key barriers to achieving investment and mobilise resources, both public and private, to make it happen.
- National Infrastucture Plan (includes energy and telecommunications)
HM Treasury‘s digital strategy sets out how its strategic priorities will be delivered while supporting the Government Digital Service’s agenda. HM Treasury defines what the Government’s move to “digital by default” means for the department and its audiences and explain how HM Treasury will transform its approach to using online channels in order to reach and engage with those groups. It contains the following sections:
- digital vision – to better inform and engage
- current position – moving in the right direction
- what needs to change and what are the challenges
- how the vision will be achieved
- what HM Treasury will do to support the cross-Government strategy