The New Statesman | UK politics and culture Should we abolish the Treasury?
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May 16, 2025 The podcast tackles the provocative question of whether to abolish the Treasury, debating its relevance in modern politics. Discussions dive into the shifting dynamics between Labour and Reform, particularly on key issues like workers' rights and immigration. Guests reflect on the Treasury's historical role and its grip on economic policy, while also voicing frustrations over investment decisions that neglect regional needs. The episode also hints at a political landscape where traditional parties might falter, raising concerns about governance and potential royal intervention.
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Labour vs Reform on Key Policies
- Labour and Reform parties diverge sharply on net zero policies, with Reform opposing renewable energy drive.
- Labour focuses on green transition, tax increases, and closer EU relations unlike Reform.
Reform Shifts to Net Zero Attack
- Reform expands focus from immigration to challenging net zero and government spending effectiveness.
- Labour may face internal debate on net zero due to concerns about cost of living impacts and union disquiet.
Treasury’s Near-Absolute Power
- The Treasury wields extreme power as a fiscal gatekeeper within the UK government.
- Attempts to abolish or curtail Treasury powers historically failed and would cause severe Whitehall disruption today.