Aeron Davis
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Brexit and COVID postscript
Reckless opportunists gain control
in Bankruptcy, bubbles and bailouts
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The chapter eight postscript briefly explores the evident decline and recovery of the Exchequer. Brexit and the period after, marks several things: the collapse of four decades of economic policy consensus, the breakdown of the British Establishment, and a direct hit to Treasury power. A political credit crunch paralysed the system for three and a half years and marginalised the Exchequer. The 2019 victory of Boris Johnson’s reckless opportunists completed the delayed political and economic ‘revolution’.

Ironically, the combination of Johnson’s populism and a devastating pandemic have restored the Treasury. Both needed the institution’s crisis management and capital-raising abilities. And the Exchequer has obliged, finding hundreds of billions to hold up the economy; something we were told for ten years was impossible. Here we are back to government intervening in the economy in a way it hadn’t done since the 1970s, and the Bank of England doing what they denied was possible before, creating hundreds of billions of pounds out of thin air (MMT in all but name). What comes next, radical paradigm shift, return to an unworkable system, or decline into something worse, is anybody’s guess

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Bankruptcy, bubbles and bailouts

The inside history of the Treasury since 1976

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