When the Treasury lost control of interest rates to the Bank of England in 1997, its status looked under threat. However, it quickly reasserted its power by dominating policymaking across Whitehall and diminishing other ministries in the process. It also successfully fought off attempts by Prime Ministers, from Blair to Johnson but what now?

In this fascinating and often gossipy insider account, based on in-depth interviews with the Chancellors and key senior officials, Howard Davies shows how the past twenty-five years have nonetheless been a roller coast ride for the Treasury. Heavily criticised for its response to global financial crises, and for the rigours of the austerity programme, it has been criticised for its role in the Scottish referendum and the Brexit debate.  Now more than ever before the role of Chancellor is key to the United Kingdom’s economic future.