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1957: The Year of Thorneycroft

In: Monetary Policy and Financial Repression in Britain, 1951–59

Author

Listed:
  • William A. Allen

    (Cass Business School)

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.

Suggested Citation

  • William A. Allen, 2014. "1957: The Year of Thorneycroft," Palgrave Studies in Economic History, in: Monetary Policy and Financial Repression in Britain, 1951–59, chapter 10, pages 114-140, Palgrave Macmillan.
  • Handle: RePEc:pal:palscp:978-1-137-38382-2_10
    DOI: 10.1057/9781137383822_10
    as

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