Sir Nicholas MacPherson, The Treasury’s most senior civil servant has claimed that wages are too low at the Treasury, causing many talented junior staff to leave in favour of the greater wages on offer at The Bank of England and HM Revenue and Customs.

Sir Nicholas aired his frustration, stating that he felt the Treasury is “some sort of feeder second division Belgian football team which provides really good people for Premier League teams like Chelsea and Manchester United.” It is believed that wages for similar positions can be as much as £10,000 per annum greater at The Bank of England and HM Revenue and Customs.

Staff turnover has been a real issue at The Treasury in recent years, the figure hit 28% in 2011, before stabilising to 23% for the year 2013/2014. However, when you compare that figure with the 8% staff turnover at the Bank of England for the same year, therein lies the problem.