There has even been speculation that the Treasury would take direct control of the process.

As a result, the Treasury is taking the position that the Secretary has broad discretion.

In the past, the Treasury has often taken such steps to buy time for a few days.

They could probably even agree on the need to get the Treasury to take its tanks off their lawn.

The Treasury took £85-90m in revenues, with an outlay of £110m a year.

"The Treasury is taking this very seriously," said one official who asked not to be identified.

He estimated that the additional Treasury take might be from $1.5 billion to $2.5 billion.

The Treasury could take a greater interest in the City's fortunes.

He also said that the Treasury was taking a conservative approach with its third-quarter borrowing plans.

Sensing a storm, the Treasury has taken the customs ruling under review.