HM Treasury News Release
In order to improve its ability to provide advice in a world where global and European issues are having an increasing impact on domestic policies, the Treasury will merge its Macro Policy and Prospects Directorate and its International Finance Directorate. Gus O'Donnell will head this new Directorate and will, in addition to his current responsibilities, be the G7 Deputy and the UK Treasury representative on the EU Economic and Financial Committee. He will remain as Head of the Government Economic Service and as the Treasury representative on the Monetary Policy Committee, with Sir Andrew Turnbull taking his place at some meetings as now.
As a reflection of his existing and new commitments, Ed Balls will be appointed Chief Economic Adviser to the Treasury. He will take an increased role on international issues following the Chancellor's appointment as the Chairman of the International Monetary and Financial Committee.