The First Cycle, 1957–61

  • Alec Cairncross
Part of the St Antony’s Series book series


Before I begin to trace the development of policy, let me briefly explain what my job was, what staff I inherited and how we all fitted into the Treasury. Although I was given the rather grand title of Economic Adviser to HMG, my job in practice was that of a Treasury official advising the Chancellor (or more frequently the Permanent Secretary) on economic and financial affairs. I had the assistance, as Director of the Economic Section of the Treasury, of a group of economists who had been since 1940 the principal source of economic advice to the government.1


Monetary Policy Prime Minister Economic Adviser Debt Maturity Credit Expansion 
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Notes to Chapter 2: The First Cycle, 1957–61

  1. ‘The Chancellor thinks of little else than the menace of returning inflation’, The Robert Hall Diaries, 1954–61, p. 217, Nov. 19, 1960.Google Scholar
  2. D. R. Thorpe, Selwyn Lloyd (London: Jonathan Cape, 1989) p. 337.Google Scholar

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© Sir Alec Cairncross 1996

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  • Alec Cairncross

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