Treasury: Finance (Statistics) Division and Finance (Balance of Payments) Division:...

T 318

1960-1975

Files re-registered from the 2 F(S) series into the 2F(BP) series, and files originally created in the 2F(BP) series of the Treasury.

In conjunction with the Economic Section, and the National Incomes Forecast Working Party, the Finance (Balance of Payments) Division provided the basis for fiscal and monetary policy of the Government, as well as the framework within which particular decisions affecting overseas expenditure were made. It also contributed towards the formulation of the United Kingdom Policy on international financial affairs through the provision of information and advice about economic conditions abroad, the balance of payments of other countries, and the international monetary scene. A large part of the work of the division was conducted through interdepartmental committees, and in particular the thrice yearly exercises of the Working Party on World Economic Prospects, the Balance of Payments Prospects Committee, and the Statistical Sub-committee of the Balance of Payments Prospects Committee. The division also contributed to the long-term forecasting work of the Working Party on Long Range Economic Assessment. In November 1969 the Finance (Balance of Payments) Division became responsible for the administration of the Exchange Control Act on exchange markets, and short-term flow of funds. At the same time, the Finance (International Monetary) Division took over F(BP) work on the official reserves and short-term official overseas borrowing. In September 1970, the division was split into two divisions, each covering the following:

F(BP)1:

• Balance of payments and exchange control aspects of: (i) authorised banks dealing operations and limits (ii) third country credit and re-financing (iii) silver (including voluntary control scheme)
• Commodity markets and merchanting, including exchange control aspects
• Euro currency market
• Foreign exchange markets
• General questions on invisibles
• Gold markets
• Import and exports: exchange control
• Imports by government departments
• Organisation of briefing for treasury and other financial representatives abroad
• Policy in exchange markets (intervention, spot and forward)
• Short-term external assets and liabilities (except reserves and central bank borrowing)
• Short-term flows: forecasts and policy
• UK balance of payments, including: (i) general policy, interpretation and reports (including monthly trade figures) (ii) parliamentary questions, speeches, information, papers, submissions to international organisations and briefings (iii) policy on publication and improvement of balance of payment statistics
• UK balance of payments: monetary movements (general questions)

F(BP)2:

• Forecasts of UK current balance: general imports and invisibles
• Forecasts of UK investment and other capital flow
• Forecasts of world economic prospects and UK balance of payments
• Industrial countries: domestic and current balance prospects, including Germany and Japan
• Organisation for Economic Co-operation and Development: Economic Review Committee
• Price/volume analysis of trade an invisible services
• United States economy: general aspects and balance of payments
• World economic prospects: (i) World Economic Prospects: Working Party Secretariat (ii) Other primary producers/balance of payments (including commodity prices) (iii) sterling area balance of payments trends and forecasts

The numerical classification system used for the subject index headings was maintained. Subsequent files raised continued this pattern. Following Treasury re-organisation in October 1975 as a result of a Treasury Management Review, 2F(BP) files ceased to be raised. Any files created after this date were registered under the Overseas Finance General Group prefix OFG 1.

The files in the series are being transferred in more than one batch. They are arranged in previous reference order within each transfer.

For registered files in the Overseas Finance (Exchange Control) Division FEC series see T 295

2F(BP)

Public Record(s)

English

• Treasury, Finance (Balance of Payments) Division, 1969-1969
• Treasury, Finance (Statistics) Division, 1962-1969

549 file(s)

Open

From 1998 Treasury

Series is accruing

The Finance (Statistics) Division was set up following the Treasury re-organisation of 1962, and it used the prefix 2F (S). Following further re-organisation in 1969, this division was re-named Finance (Balance of Payments) Division. The prefix 2F(S), printed on the covers of files created between 1962 and 1969 of the former Finance (Statistics) Division was over-imposed by the new prefix 2F(BP). In January 1973, the Finance (Balance of Payments) Division became part of the Overseas Finance Management of the Resources Group, along with the Finance (Exchange Control) Division and the Finance (Reserve Management and Sterling Area). Following further re-organisation in October1975, these functions were absorbed into the new Overseas Finance General Group with the prefix OFG 1.