Boris Johnson and Rishi Sunak to shake the Treasury with the approach of “Silicon Valley”

0
138


Boris Johnson and Rishi Sunak, the Chancellor, must abandon decades of Treasury orthodoxy, prioritizing public spending over projects that “will move quickly, start small and fail quickly.”In a major speech this week, Steve Barclay, the Chief Secretary of the Treasury, will reveal plans to import a venture-capital-type approach from Silicon Valley that would champion “innovative” projects and those that would be quickest to complete. government promises in infrastructure, roads and energy.

This overhaul will mark a major break with the more cautious approach traditionally taken by the Treasury, which has led Philip Hammond, Chancellor of Theresa May, to be dubbed “Spreadsheet Phil”.

In a speech to influential think tank Onward on Tuesday, Mr Barclay, leading a review of all spending at Whitehall, will describe the Treasury as “the new radicals.”

The reshuffle is likely to lead to moves similar to the government’s controversial £ 400million investment in OneWeb, a bankrupt satellite company, as part of its plan to replace the use of the navigation system by EU satellite.

It is also likely that ministers will follow a series of collision courses with senior officials. Last week it emerged that Sam Beckett, the business department’s senior official, had requested a written “ministerial directive” formally ordering officials to acquire the stake in OneWeb, warning that the money could be lost.

LEAVE A REPLY

Please enter your comment!
Please enter your name here