ABSTRACT
The attempt by Hugh Dalton, Chancellor of the Exchequer in 1945-7, to drive down interest rates in the United Kingdom immediately after the Second World War has attracted much attention from monetary historians. Less well known is the subsequent experience of monetary policy between the departure of Dalton from the Treasury in November 1947 and the resignation of Thorneycroft just over ten years later. Yet it was this experience which gave rise to the appointment of the Radcliffe Committee in April 1957 and coloured the recommendations of the Committee two years later.
