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Treasury staff 'working at limit' Treasury staff 'working at limit'
(11 minutes later)
Treasury staff have been "operating at our limits", in some cases missing sleep, during the banking crisis, the department's top civil servant said.Treasury staff have been "operating at our limits", in some cases missing sleep, during the banking crisis, the department's top civil servant said.
Nick Macpherson told MPs he believed he had the right senior team, but had to ensure staff did not "burn out".Nick Macpherson told MPs he believed he had the right senior team, but had to ensure staff did not "burn out".
He hoped the crisis would mean more City workers would consider working at the Treasury on "affordable" salaries.He hoped the crisis would mean more City workers would consider working at the Treasury on "affordable" salaries.
Tory MP Michael Fallon asked if the Treasury had "failed" in its aim to promote financial stability.Tory MP Michael Fallon asked if the Treasury had "failed" in its aim to promote financial stability.
Mr Macpherson replied that he agreed it had been "a very challenging year" at the Treasury but said he believed Britain was "moving to a far more stable situation for the banking sector".Mr Macpherson replied that he agreed it had been "a very challenging year" at the Treasury but said he believed Britain was "moving to a far more stable situation for the banking sector".
'Weakened position''Weakened position'
He said that global circumstances had created the problems and were creating pressures across the world but he believed that the Treasury had done "a good job" in the circumstances. He told the Treasury sub-committee that global circumstances had created the problems and were creating pressures across the world but he believed that the Treasury had done "a good job" in the circumstances.
Labour MP Andy Love said during the "biggest financial crisis since 1929" the Treasury had lost 235 posts in the past year and questioned whether it left the department in a "weakened position" to be able to respond.Labour MP Andy Love said during the "biggest financial crisis since 1929" the Treasury had lost 235 posts in the past year and questioned whether it left the department in a "weakened position" to be able to respond.
Mr Macpherson said many of the posts were lost in a "refocusing of the Office of Government Commerce" but some staff were having to "multi-task" and there was an issue with having "the right sort of people in the Treasury".Mr Macpherson said many of the posts were lost in a "refocusing of the Office of Government Commerce" but some staff were having to "multi-task" and there was an issue with having "the right sort of people in the Treasury".
He added: "What has been striking over the past year, there have been points, especially over the other weekend where we are really operating at our limits."He added: "What has been striking over the past year, there have been points, especially over the other weekend where we are really operating at our limits."
He added that he was "really proud" of the way the department had worked in recent months: "There are a lot of people who have been really working at the limit both in terms of not getting sleep, in terms of working really intensively."He added that he was "really proud" of the way the department had worked in recent months: "There are a lot of people who have been really working at the limit both in terms of not getting sleep, in terms of working really intensively."
Earlier MPs had asked why six senior managers had received bonuses last year.Earlier MPs had asked why six senior managers had received bonuses last year.
'No cutting corners''No cutting corners'
Mr Love said the target for job losses was 150 and asked whether the Treasury would end up having to take people back on.Mr Love said the target for job losses was 150 and asked whether the Treasury would end up having to take people back on.
Mr Macpherson said: "We did overshoot a bit, we have been recruiting actively recently. I'm optimistic one of the few positive sides perhaps of life being rather less attractive in the City of London is the Treasury should be able to attract some really good people to come and work there on salaries which are affordable."Mr Macpherson said: "We did overshoot a bit, we have been recruiting actively recently. I'm optimistic one of the few positive sides perhaps of life being rather less attractive in the City of London is the Treasury should be able to attract some really good people to come and work there on salaries which are affordable."
He said he was "more confident than ever" that he had the senior management team to cope with the current crisis but said it was important to manage staff "in a way that they don't get burnt out".He said he was "more confident than ever" that he had the senior management team to cope with the current crisis but said it was important to manage staff "in a way that they don't get burnt out".
MPs on the sub-committee pointed out that the Treasury's debt management office had lost 13 people, but now had been tasked with raising additional money on markets and it was likely they would need to take people back on.MPs on the sub-committee pointed out that the Treasury's debt management office had lost 13 people, but now had been tasked with raising additional money on markets and it was likely they would need to take people back on.
Mr Macpherson said the office was taking on new tasks and had to be "staffed to do the job": "At a time when the financial challenges are massive there is no point cutting corners."Mr Macpherson said the office was taking on new tasks and had to be "staffed to do the job": "At a time when the financial challenges are massive there is no point cutting corners."
Mr Love pointed out that under the Comprehensive Spending Review, the Treasury is due to make "significant further additional savings" by 2011. Mr Macpherson he hoped by 2011 the economic picture would be better but said if it was critical to get more staff he would have to talk to the chancellor.Mr Love pointed out that under the Comprehensive Spending Review, the Treasury is due to make "significant further additional savings" by 2011. Mr Macpherson he hoped by 2011 the economic picture would be better but said if it was critical to get more staff he would have to talk to the chancellor.
But he said the fact the Treasury was a small department was important because he believed it was "key to its success and the cohesion of the organisation" but added: "We have to keep this under review."But he said the fact the Treasury was a small department was important because he believed it was "key to its success and the cohesion of the organisation" but added: "We have to keep this under review."
He said he had to be careful as the Treasury set the example for other departments on efficiency savings - given that it enforced them for everyone else.He said he had to be careful as the Treasury set the example for other departments on efficiency savings - given that it enforced them for everyone else.
"The issues for us are really at the margin of around 30, 40, 50 people - it's nothing big but we have to be conscious of that but we have to set an example. Equally there's no point in our being excessively hair shirted.""The issues for us are really at the margin of around 30, 40, 50 people - it's nothing big but we have to be conscious of that but we have to set an example. Equally there's no point in our being excessively hair shirted."