Surprisingly, one of the shrewdest observers of conventions in the UK Treasury was Winston Churchill. In his long spells in the government before 1916, he had acquired experience in a variety of different departments and parties. He was also the Chancellor on that fatal occasion when in 1925 the British government decided to return to gold at the pre-war parity rate.
Churchill subsequently described the fundamentals of Treasury thinking in his book Thoughts and Adventures first published in 1932. He wrote:
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