HM Treasury: Chief Secretary to the Treasury; Conservative Administration, 1979-1997

This collection contains records created by the Private Office of the Chief Secretary to the Treasury (CST) during the Conservative administration between 1979-1997. The following ministers are represented in this series:

John Biffen, 1979-1981

Leon Brittan, 1981-1983

Peter Rees, 1983-1985

John MacGregor, 1985-1987

John Major, 1987-1989

Norman Lamont, 1989-1990

David Mellor, 1990-1992

Michael Portillo, 1992-1994

Jonathan Aitken, 1994-1995

William Waldegrave, 1995-1997

Chronologically. In some instances, records have been preserved during transitional periods for business continuity purposes. The private office has occasionally continued filing into these records following a change of minister. This explains any records with dates that begin or end outside of the ministerial tenure.

From 2023 Treasury

The Chief Secretary to the Treasury is responsible for overseeing financial matters and policies crucial to the country's economic stability and growth. The Chief Secretary plays a central role in formulating the government's fiscal policies. They work closely with the Chancellor of the Exchequer to design and implement budgets, ensuring that public spending aligns with the government's economic objectives and priorities. This involves managing and allocating funds across various sectors such as healthcare, education, defence, and infrastructure. Furthermore, the Chief Secretary has the responsibility of monitoring and controlling public expenditure. They must ensure that government spending remains within agreed-upon limits and is in line with fiscal targets. This involves reviewing financial proposals from departments, assessing their feasibility, and recommending adjustments to maintain fiscal discipline.

Key topics with Treasury involvement during this timeframe include:

Privatisation programme: One of the most notable milestones during this period was the extensive privatisation program, including the sale of key state-owned industries like British Telecom, British Gas, British Airways, and British Steel. The Treasury played a vital role in managing these privatisations, aiming to increase efficiency, competition, and private sector participation in various industries.

The Big Bang (1986): The Big Bang refers to a series of financial reforms in 1986 that deregulated the financial markets, particularly the London Stock Exchange. This initiative aimed to enhance competitiveness and openness in the financial sector, aligning with the broader market-oriented approach of the government during this period.

The Maastricht Treaty: The Treasury was instrumental in negotiating and preparing for the Maastricht Treaty, which laid the groundwork for the creation of the European Union (EU). The treaty outlined the establishment of a single currency, the Euro, and a common foreign and security policy. This reflected the UK's engagement with the evolving European integration process.

Exchange Rate Mechanism (ERM) Crisis (1992): The UK's attempt to peg the British Pound to the European Exchange Rate Mechanism led to a currency crisis and an eventual exit from the ERM. The Treasury had to manage the fallout of this crisis, which significantly impacted the UK's economic and monetary policies.