UK: review of HM Treasury's management response to the financial crisis

HM Treasury has published the results of a review of its management response to the financial crisis: see here (pdf). The review notes that at the start of the financial crisis the Treasury's capability was weak because of the widespread view that systemic risks had been substantially reduced. This has, the report notes, changed but there are areas where improvements can be made. In this regard, various recommendations are made, including giving greater priority to knowledge management and developing a medium term strategy for its roles and responsibilities in relation to financial services.