The Treasury, Britain's post-war reconstruction and the industrial intervention of the Bank of England, 1921-9

This article describes how the Trade Facilities Act and the liquidation of certain government‐owned assets spurred the industrial intervention of the Bank of England in the 1920s. What emerges is that the Treasury had a much greater role in the Bank of England's industrial intervention than has been hitherto suggested. This article places the theme of the Bank of England's industrial intervention within broader discussions about Treasury history and Britain's postwar reconstruction, and refines the argument that the original involvement of the Bank of England with industry merely represented an extension of its prewar operations of branch banking and its duties as a central bank.