Press release

Review into HM Treasury’s Management of the Financial Crisis

HM Treasury is reviewing its response to the financial crisis.

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government


HM Treasury is reviewing its response to the financial crisis. 

The review is being led by Sharon White, formerly a Director General at the Ministry of Justice and the Department for International Development, and has begun work today. The Review will examine:

  • the Treasury’s capability on financial services ahead of the crisis;
  • the pace at which the Treasury built its capability when the crisis hit; and
  • whether the capability and senior management arrangements put in place to handle the crisis and the aftermath  have been adequate.

The review will inform decisions on organisational arrangements of HM Treasury as part of its Spending Review settlement. It will make recommendations with the aim of:

  • ensuring that the Treasury has the capability it needs going forward;
  • improving the retention of people with the necessary skills, expertise and experience, having consideration to issues of Treasury culture and values, as well as remuneration; and
  • ensuring that the Treasury has robust arrangements for risk management, contingency planning and knowledge management.

This review follows recommendations from the Public Accounts Committee and the National Audit Office. 

The final report will be publicly presented to the Treasury’s executive management board no later than Easter 2012.

Notes for Editors

  1. This decision follows calls from the National Audit Office and the Public Accounts Committee for a review on how HM Treasury was resourced, structured and managed in preparation for the crisis, during its response, and the aftermath. 

    It is not intended to assess the effectiveness of the policy decisions which were taken.

  2. Ms White worked in the Treasury in the early 1990s and has since worked at a senior level in various other Government departments. Ms White will be supported by a small team based in the Treasury.

  3. Sir Nicholas announced this review during evidence to the Treasury Select Committee on Tuesday 5 July. Read the full transcript on the parliament website (external website, opens in a new window)

Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to

Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.

Published 17 October 2011