When Kwasi Kwarteng sacked Tom Scholar as permanent secretary at the Treasury, it was taken as the clearest indication yet that he was determined to shake up the so-called Treasury orthodoxy. Unlike previous Tory governments, Liz Truss and her Chancellor would take on the economic consensus. Only one month in and they appear to be having second thoughts.
Scholar’s hasty departure was cited as one of several factors that contributed to the markets responding badly to the Chancellor’s not-so-mini-Budget. Now the government have announced Scholar’s successor: James Bowler, currently Permanent Secretary for the Department for International Trade (DIT). Bowler can’t exactly be described as an insurgent. He has plenty of Treasury experience, having previously worked there for more than 20 years. Announcing the news, Kwarteng said: ‘James has a proven track record of delivery and strong leadership, both of which will be vital as we drive towards our mission of igniting growth and raising living standards for everyone across the UK.’
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