Speaking for the first time in the House of Lords, since stepping down as Cabinet Secretary last year, Lord O’Donnell warned that the Treasury may be struggling to address the problems caused by the ongoing global financial crisis, with his comments coming amid criticism that the Treasury has failed to develop radical policies to help boost economic growth.
During his speech, Lord O'Donnell suggested that part of the department dealing with financial services and stability could be funded by the financial industry to save taxpayers' money.
Along with suggesting that the Treasury should consider receiving funding from the financial services industry, in a similar way to the Financial Services Authority (FSA) and the City regulator, Lord O’Donnell also warned that too many Treasury officials are leaving and that pay levels were too low.
He told the House of Lords that it was in everyone’s best interests for the Treasury to continue to recruit the best, adding: “Otherwise the Treasury is in danger of cutting off its arms, as well as its nose, to make its hair shirt fit.”
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