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Operation ROBOT
Operation ROBOT was an economic policy devised by HM Treasury in 1952 under Chancellor of the Exchequer R. A. Butler but which was never implemented. It was named after three of its civil servant advocates, Sir Leslie ROwan, Sir George BOlton and OTto Clarke. During the winter of 1951–52 in Britain there was anxiety over the balance of payments and the reduction of Britain's gold reserves. R. A. Butler, the Chancellor, advocated floating the exchange rate and allowing sterling to find its own level and to be convertible. Butler acknowledged that his proposals would end the Keynesian full employment policies of the previous twelve years but claimed that the burden would fall not on Britain's precarious gold reserves but on the exchange rate. British exports would become cheaper, imports would become more expensive, food prices would rise, as would the prices of raw materials and possibly unemployment would also rise under the scheme. Clarke claimed that a free exchange rate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Treasury
His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and economic policy. The Treasury maintains the Online System for Central Accounting and Reporting (OSCAR), the replacement for the Combined Online Information System (COINS), which itemises departmental spending under thousands of category headings, and from which the Whole of Government Accounts (WGA) annual financial statements are produced. History The origins of the Treasury of England have been traced by some to an individual known as Henry the Treasurer, a servant to King William the Conqueror. This claim is based on an entry in the Domesday Book showing the individual Henry "the treasurer" as a landowner in Winchester, where the royal treasure was stored. The Treasury of the United Kingdom thus traces its origins to the Treasury of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Food Prices
Food prices refer to the average price level for food across countries, regions and on a global scale. Food prices have an impact on producers and consumers of food. Price levels depend on the food production process, including food marketing and food distribution. Fluctuation in food prices is determined by a number of compounding factors. Geopolitical events, global demand, exchange rates, government policy, diseases and crop yield, energy costs, availability of natural resources for agriculture, food speculation, changes in the use of soil and weather events have a direct impact on the increase or decrease of food prices. The consequences of food price fluctuation are multiple. Increases in food prices, or agflation, endangers food security, particularly for developing countries, and can cause social unrest. Increases in food prices is related to disparities in diet quality and health, particularly among vulnerable populations, such as women and children. Food prices will ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oliver Lyttelton, 1st Viscount Chandos
Oliver Lyttelton, 1st Viscount Chandos, (15 March 1893 – 21 January 1972) was a British businessman from the Lyttelton family who was brought into government during the Second World War, holding a number of ministerial posts. Background, education and military career Born in Mayfair, London, Lord Chandos was the son of the Rt. Hon. Alfred Lyttelton, younger son of George Lyttelton, 4th Baron Lyttelton. His mother was his father's second wife Edith, daughter of Archibald Balfour. He was educated at Eton and Trinity College, Cambridge. He served in the Grenadier Guards in the First World War, where he met Winston Churchill, and was awarded the Distinguished Service Order and Military Cross. From 1947 to 1955 he served as the first President of Farnborough Bowling Club, Hampshire, in his Aldershot parliamentary constituency. Business career According to the ''Dictionary of National Biography'': In August 1920 Lyttelton was invited to join the British Metal Corporation, a f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Secretary Of State For The Colonies
The secretary of state for the colonies or colonial secretary was the British Cabinet minister in charge of managing the United Kingdom's various colonial dependencies. History The position was first created in 1768 to deal with the increasingly troublesome North American colonies, following passage of the Townsend Acts. Previously, colonial responsibilities were held jointly by the lords of trade and plantations and the secretary of state for the Southern Department, who was responsible for Ireland, the American colonies, and relations with the Catholic and Muslim states of Europe, as well as being jointly responsible for domestic affairs with the Secretary of State for the Northern Department. Joint responsibility continued under the secretary of state for the colonies, but led to a diminution of the board's status, and it became an adjunct to the new secretary's department. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Bolton (banker)
Sir George Lewis French Bolton (16 October 19002 September 1982) was a British banker who was noted for his expertise in the foreign exchange market and as a leading influence on the rebirth of London after the Second World War. He served as director of the Bank of England, chairman for the Bank of London and South America and executive director of the International Monetary Fund. He twice served as High Sheriff of the County of London. Early life Bolton was born in Lower Clapton, Hackney, London in 1900, the son of William Bolton, a shipping clerk, and Beatrice (''née'' French). He went to school at Leyton County High school in Waltham Forest. Banking career At age 16, he joined the London branch of the Société Générale de Paris to be trained as an exchange dealer. In 1920, he joined the merchant banking firm of Helbert, Wagg & Co., and learned the trade in London and Paris. At Helbert, Wegg, & Co., Bolton started and managed a successful foreign exchange dealing de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cameron Fromanteel Cobbold, 1st Baron Cobbold
Cameron Fromanteel "Kim" Cobbold, 1st Baron Cobbold (14 September 1904 – 1 November 1987) was a British banker. He served as Governor of the Bank of England from 1949 to 1961 and as Lord Chamberlain from 1963 to 1971. Early life Born in London in 1904 to Clement John Fromanteel Cobbold and his wife Stella Willoughby Savile Cameron, Cobbold was educated at Eton College. He also spent one year at King's College, Cambridge. Career Bank of England Cobbold joined the Bank of England at the invitation of bank Governor Montagu Norman in 1933. He was appointed Deputy Governor in 1945 and became governor in 1949. During his tenure he was sworn of the Privy Council (1959) and was created Baron Cobbold, of Knebworth in the County of Hertford (1960). He retired as governor in 1961. Cobbold Commission He subsequently led the Cobbold Commission in 1962 which studied the question of North Borneo and Sarawak's merger with Malaya to form Malaysia. In 1963, he was appointed a Knight Grand Cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Governor Of The Bank Of England
The governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the bank, with the incumbent grooming their successor. The governor of the Bank of England is also chairman of the Monetary Policy Committee, with a major role in guiding national economic and monetary policy, and is therefore one of the most important public officials in the United Kingdom. According to the original charter of 27 July 1694 the bank's affairs would be supervised by a governor, a deputy governor, and 24 directors. In its current incarnation, the bank's Court of Directors has 12 (or up to 14) members, of whom five are various designated executives of the bank. The 121st and current governor is Andrew Bailey, who began his term in March 2020. Governors of the Bank of England (1694–present) See also * Chief Cashier of the Bank of England * Deputy Governor of the Bank of England References ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paymaster-General
His Majesty's Paymaster General or HM Paymaster General is a ministerial position in the Cabinet Office of the United Kingdom. The incumbent Paymaster General is Jeremy Quin MP. History The post was created in 1836 by the merger of the positions of the offices of the Paymaster of the Forces (1661–1836), the Treasurer of the Navy (1546–1835), the Paymaster and Treasurer of Chelsea Hospital (responsible for Army pensions) (1681–1835) and the Treasurer of the Ordnance (1670–1835). Initially, the Paymaster General only had responsibilities in relation to the armed services but in 1848 two more offices were merged into that of Paymaster General: the Paymaster of Exchequer Bills (1723–1848) and the Paymaster of the Civil Service (1834–1848), the latter followed by its Irish counterpart in 1861. They thus became 'the principal paying agent of the government and the banker for all government departments except the revenue departments and the National Debt Office'. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frederick Lindemann, 1st Viscount Cherwell
Frederick Alexander Lindemann, 1st Viscount Cherwell, ( ; 5 April 18863 July 1957) was a British physicist who was prime scientific adviser to Winston Churchill in World War II. Lindemann was a brilliant intellectual, who cut through bureaucratic red tape that was hampering vital defence preparations against a German invasion. This caused sharp disagreements with many of the permanent bureaucracy. His contribution to Allied victory lay chiefly in embracing the art of the possible. He was particularly adept at converting data into clear charts to promote a strategy. His approach to technology focused on rapid experiments and fast failures, to come up with the proper answer; this made him at target for bureaucratic ire and accusations. He was involved in the development of radar and infra-red guidance systems. He was skeptical of the first reports of the enemy's V-weapons programme. He pressed the case for the strategic area bombing of cities. His abiding influence on Chu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Full Employment
Full employment is a situation in which there is no cyclical or deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely structural and frictional, may remain. For instance, workers who are "between jobs" for short periods of time as they search for better employment are not counted against full employment, as such unemployment is frictional rather than cyclical. An economy with full employment might also have unemployment or underemployment where part-time workers cannot find jobs appropriate to their skill level, as such unemployment is considered structural rather than cyclical. Full employment marks the point past which expansionary fiscal and/or monetary policy cannot reduce unemployment any further without causing inflation. Some economists define full employment somewhat differently, as the unemployment rate at which inflation does not continuously increase. Advocacy of avoiding accelerating ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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