Jump to ContentJump to Main Navigation
The Treasury and British Public Policy, 1906–1959$
Users without a subscription are not able to see the full content.

G. C. Peden

Print publication date: 2000

Print ISBN-13: 9780198207078

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198207078.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 20 August 2019

Reorganization and Retrenchment, 1919–1924

Reorganization and Retrenchment, 1919–1924

Chapter:
(p.128) Chapter Four Reorganization and Retrenchment, 1919–1924
Source:
The Treasury and British Public Policy, 1906–1959
Author(s):

G. C. Peden

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198207078.003.0004

In the aftermath of the First World War, the Treasury collaborated, to a greater or lesser degree, with the Bank of England on monetary policy, and with the Foreign Office on reparations and war debts. Inflation in 1919–1920 generated political pressure, not only for a restoration of Treasury control over public expenditure but also for greater Treasury control over the Civil Service than had existed in 1914. The quest for major economies in public expenditure led the Treasury to play an active part in policy making, both with regard to defence and social services. The Treasury and the Bank of England conducted a conscious policy of deflation to restore control over the monetary system and to move towards restoration of the supposedly automatic gold standard. The Treasury was determined that the public sector should not crowd out productive private investment, and propounded the view that loan-financed public works would not reduce unemployment. Over the period 1919–1923, budgets were brought into balance largely by reducing public expenditure.

Keywords:   Treasury, Bank of England, First World War, public expenditure, monetary policy, Civil Service, social services, inflation, public works, budgets

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .