Ministerial role

Economic Secretary to the Treasury

Organisations: HM Treasury

Responsibilities

The Economic Secretary (EST) is the City Minister responsible for financial services, including:

  • banking and financial services reform and regulation
  • financial stability, including relationship with the PRA
  • financial conduct, including relationship with the FCA
  • financial services including all banking, insurance, asset management
  • retail financial services, including banking competition, consumer finance, financial advice and capability
  • bank lending and access to finance
  • financial Inclusion (lead on the government’s financial inclusion agenda)
  • access to affordable credit, including credit unions
  • women in finance agenda
  • EU financial services including EU exit and decisions as a member state
  • city competitiveness, including global financial markets, Global Financial Partnerships and financial services trade
  • green finance, Islamic finance, and Fintech
  • financial services taxation, including bank levy, bank corp. tax surcharge, IPT
  • personal savings tax and pensions tax policy
  • sponsorship of UKGI and State owned financial assets – RBS, UKAR
  • financial sanctions and countering economic crime and illicit finance
  • foreign exchange reserves and debt management policy, National Savings and Investments and the Debt Management Office
  • cash and payments including, Royal Mint
  • parliamentary deputy on economy issues

Previous holders of this role

  1. John Glen MP

    2018 to 2021

  2. Simon Kirby

    2016 to 2017

  3. Harriett Baldwin MP

    2015 to 2016

  4. The Rt Hon Andrea Leadsom MP

    2014 to 2015

  5. The Rt Hon Baroness Nicky Morgan

    2013 to 2014

  6. The Rt Hon Sajid Javid MP

    2012 to 2013

  7. Chloe Smith MP

    2011 to 2012

  8. The Rt Hon Justine Greening

    2010 to 2011