Treasury to abolish finance department
Cost-cutting drive sees scrapping of finance and industry directorate
Nicholas Macpherson, the Treasury’s permanent secretary, will scrap the
organisation’s finance and industry directorate as part of a widespread
cost-cutting drive.
Macpherson announced yesterday that the finance and industry directorate will
be shutdown and its functions taken on by the Treasury’s international and
public expenditure directorates.
The FT reports that Gordon Brown’s favourite son John Kingman,
previously in charge of finance and industry, will be in charge of the sensitive
public expenditure review.
The management overhaul will also see Jon Cunliffe, the Treasury’s second
permanent secretary, expand his international and finance directorate by
including financial services in his portfolio.