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The Audio Long Read

Saviour or wrecker? The truth about the Treasury

The Audio Long Read

The Guardian

Society & Culture

4.32.4K Ratings

🗓️ 23 September 2022

⏱️ 34 minutes

🧾️ Download transcript

Summary

It’s true that the UK Treasury thrives under the pressure of a crisis, from the 2007 financial crash to the Covid pandemic – but is its self-hyped reputation as the bedrock of government stability really deserved?. Help support our independent journalism at theguardian.com/longreadpod

Transcript

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0:00.0

This is The Guardian.

0:30.0

There is a flattering story that the Treasury likes to tell about itself.

0:37.0

Picture the scene in March 2020.

0:41.0

Fourteen more people across Britain have died after testing positive for coronavirus.

0:45.0

Covid spreading faster around the world.

0:47.0

Uncrescited measures being enforced right across Italy

0:51.0

and countries implementing shutdowns and border closures.

0:55.0

I'm shaking hands, I was at a hospital in the morning.

0:59.0

Boris Johnson, the Prime Minister, underestimated the problem.

1:02.0

I'm afraid of our patients and I shook hands with everybody.

1:05.0

Well, I'll give the first part of the answer and then...

1:08.0

Matt Hancock, the Health Secretary, didn't.

1:11.0

The government minister is praying for a modest death rate before herd immunity kicked in.

1:17.0

The only way to stop this epidemic is indeed to achieve herd immunity.

1:22.0

Then from the chaos emerges someone with a real plan and a crack team.

1:27.0

I know it's incredibly difficult out there.

1:30.0

The new chancellor, Rishi Sunak.

1:32.0

We're paying people's wages up to 80% so someone can be furloughed rather than laid off to protect their jobs.

1:38.0

And behind him, the Treasury, people with the top brains of the civil service.

1:43.0

Whatever it takes, says Sunak, as hundreds of billions of pounds are found and committed to the nation's safety.

1:51.0

The Treasury rolls out an extensive furlough and business support scheme.

1:55.0

This ensures that the economy remains afloat while people can stay safe at home.

...

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