The Treasury’s rising headcount has led the total wage bill to balloon in just a single year. As revealed in its annual report out this week…
Headcount grew on average to 3,849 from 3,745. The bill jumped commensurately:
That’s a total bill of £368 million in 2025-26, up from £313 million the year before. Spending on consultancy and contingent labour only fell by £4 million, from £29 million to £24 million…
The Treasury also paid out £10.7 million in exit packages across the Group in 2025-26, up from just £126,000 the year before. 202 people left with packages versus six the previous year. Two mandarins got packages over £200,000…
Former Treasury minister and adviser to Burnham in the Makerfield campaign Lord Jim O’Neill, who has turned down a role in his government, said Burnham’s first statement Commons was:
“The last thing investors wanted to hear… gilt yields have risen by a 0.25% in one day, which is a lot. We’ve not had that since Liz Truss days… If your country is under the focus of ‘can they come up with a sensible fiscal strategy’ on a day when the markets think ‘well no, you’re not showing any sign of it’ you’re going to have a tough day…if it stays like this your mortgage rate is going up.”