Ministerial role

Commercial Secretary to the Treasury

Responsibilities

The responsibilities of the Commercial Secretary to the Treasury include:

  • delivery of infrastructure projects across the public sector and facilitating private sector investment into UK infrastructure
  • Infrastructure UK
  • supporting the Chief Secretary on capital investment
  • corporate finance, including public corporations, public private partnerships, PF2, existing PFI contracts, and sales of government assets
  • better regulation and competition policy
  • asset freezing and financial crime
  • supporting the Chancellor and Financial Secretary to the Treasury on wider growth policy
  • supporting the Secretary of State for Culture on the Olympics legacy, working with DCMS Ministers and Lord Coe in his role as Legacy Ambassador
  • working with Lord Livingstone and UKTI to promote the UK as a destination for foreign direct investment including through being ‘contact Minister’ for the major energy utility companies
  • questions and debates on these policy areas in the House of Lords and answering Lords’ written questions
  • Crown Estate and the Royal Household
  • Royal Mint

Current role holder: Lord Deighton

Lord Deighton took up the post of Commercial Secretary to the Treasury in January 2013.

Education

Lord Deighton studied Economics at Trinity College Cambridge.

Career outside politics

Lord Deighton joined the Treasury having successfully completed his role as Chief Executive of the London Organising Committee of the Olympic and Paralympic Games (LOCOG), which was responsible for preparing and staging the London 2012 Games. Over six and a half years as CEO he was in charge of the day-to-day operations of the company, overseeing recruitment of a workforce of around 6,000 paid staff, up to 70,000 volunteers and around 100,000 contractor roles as well as the procurement of £700m-worth of contracts to help deliver the hugely successful Games. He was also responsible for the annual budget and provided leadership in the development of a variety of Olympic and Paralympic programmes, from sponsorship and marketing to ticketing and the Torch Relay.

Prior to joining London 2012, Lord Deighton was the Chief Operating Officer of Goldman Sachs in Europe, and a member of its European Management Committee. At Goldman Sachs he worked in a variety of management and client-facing roles for over 22 years, and was appointed a partner of the firm in 1996.

Before joining Goldman Sachs in 1983, Lord Deighton worked for both Security Pacific National Bank and Bank of America.

Personal life

Lord Deighton is married to Alison and has 2 sons. He is also a Board member of England Rugby 2015, the Organising Committee for Rugby World Cup 2015.

Previous holders of this role

  1. Lord Sassoon of Ashley Park

    • 2010 to 2013

Announcements

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  1. Treasury announces plans to find £1.5 billion savings across PFI contracts

    • 20 January 2014
    • Press release
  2. Response by Lord Sassoon to Kuwaiti Finance Minister Dr Nayef Falah Al Hajraf on the sixtieth anniversary of the Kuwait Investment Office

    • 28 November 2012
    • Speech
  3. Speech by the Commercial Secretary to the Treasury, Lord Sassoon to the Middle East Association

    • 25 October 2012
    • Speech
  4. Speech by the Commercial Secretary to the Treasury, Lord Sassoon on inward investment in Infrastructure to the Global Investor Conference

    • 26 July 2012
    • Speech
  5. Government calls for action to address damaging impacts of cyclicality in the water sector

    • 23 July 2012
    • Press release
  6. Changes to Money Laundering Regulations to reduce burden on British businesses

    • 17 July 2012
    • Press release
  7. Speech by the Commercial Secretary to the Treasury, Lord Sassoon; Summer Lecture to the British Bankers’ Association

    • 20 June 2012
    • Speech
  8. Speech by the Commercial Secretary to the Treasury, Lord Sassoon, London Hong Kong RMB conference

    • 14 June 2012
    • Speech
  9. Government is on track to cut cost of delivering infrastructure

    • 23 April 2012
    • Press release
  10. UK welcomes new standards to combat money laundering and terrorist financing

    • 16 February 2012
    • Press release