Does Treasury orthodoxy exist?

In defence of my former colleagues

Now that I’ve left the Treasury I often get asked whether Treasury orthodoxy is a real thing. I’ve also seen a lot of comment about it in recent weeks. Labour supporters are blaming the mindset for the decision to restrict winter fuel payments and Conservative leadership contenders like Kemi Badenoch are lambasting it. But does it exist? And if so, who is actually to blame?

Firstly, a health warning. I’m obviously biased having worked there and thoroughly enjoyed it. But I was incredibly impressed with the professionalism and intellectual sharpness of everyone I worked with. I fully admit I may just be easily impressed.

Secondly, a quick definition. This classic and oft repeated criticism levelled at the Treasury is that it is too fixated on short term pressures and prioritises the near term management of the public finances at the expense of things that would drive long term growth, long term reforms or long term savings.