ABSTRACT
The need to raise money for government, and the need to approve expenditure by each of its departments, were the key elements in the development of the Treasury. As the government’s finance ministry, it acquired the central role in public policy-making and in running the economy. In addition, but in more recent years, the Treasury has developed new responsibilities in relation to other organisations, such as maintaining an effective legislative and institutional framework for regulating the United Kingdom’s banking and financial services sector, and it has also had a growing impact on the country’s membership of the European Community. These new responsibilities have extended the powers and influences of the Treasury and added new perspectives to certain Treasury functions in relation to the system of government.
