1957: The Year of Thorneycroft

William Allen

Chapter 10 in Monetary Policy and Financial Repression in Britain, 1951–59, 2014, pp 114-140 from Palgrave Macmillan

Abstract: Abstract Sir Anthony Eden resigned as Prime Minister in the wake of the Suez crisis and was succeeded on 10th January 1957 by Harold Macmillan. The resulting vacancy at the Treasury was filled by Peter Thorneycroft, who had been President of the Board of Trade since 1951. He was accompanied by Nigel Birch (Economic Secretary to the Treasury) and Enoch Powell (Financial Secretary to the Treasury). These three were men with a mission, namely to bring to an end the inflation which was now becoming a serious political issue (see, for example, Green 2000). Birch in particular involved himself deeply in monetary policy — more so than any Economic Secretary since Jay in the post-war Labour administration. In order to get inflation down, they wished to pursue fiscal retrenchment and a tight monetary policy. Neither proved to be straightforward.

Keywords: Monetary Policy; Money Supply; Foreign Exchange Market; Bank Credit; Bank Rate (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-1-137-38382-2_10

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DOI: 10.1057/9781137383822_10

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