“I welcome this report, which has been produced by some of the leading experts in our country who have worked closely with the Treasury. Labour will be responding in full in the coming weeks to the review.

“Labour asked Sir Bob Kerslake to head up a review into the Treasury because we needed to have a serious and thorough examination of one of the most important pillars of government, and the cornerstone of economic policy making in our country.

“The Treasury is our most important economic policymaking institution, but one that has been criticised by some for its approach and attitudes.

“This review will help shape Labour’s economic policy, as well as being a first important step in setting a new direction for the Treasury in the 21st Century. The views of the former head of the Civil Service are ones that should be taken on board right across the economic and political spectrum in our country.

“As Sir Bob has made clear, we need the Treasury in the 21st century to be not only able to meet the big challenges of the day such as Brexit, but also one that focusses on all corners of our country, so that no one and no community is left behind. Therefore, I am deeply concerned that the review has raised this as areas which need reform.

“Given the severe challenges that our economy and our country face in the coming years, it is vital that we have a Treasury that is up-to-speed and is able to match them. The next Labour government will need to deal with many of these challenges, with what by then could potentially have been 10 years of Tory economic failure, and it will fall to us to ensure that the Treasury is ready and properly equipped for the 21st century.

“I am are deeply grateful for the contribution from all the independent members of the review’s panel, who represented many different fields of expertise, and who gave up a considerable amount of their time to take part. And I would also like thank Sir Bob Kerslake for his time, energy and expertise in producing this report for Labour.”

Lord Kerslake, former head of the Civil Service, who headed up the review, said:

“The Treasury is a small but very powerful department. To make the most of its very capable staff, it needs to fundamentally change both what it does and how it does it. It shouldfocus on its core economic and financial roles and work in a much more open and collaborative way. The impact of Brexit reinforces this need for change”.