Ministerial role

Economic Secretary to the Treasury

Organisations: HM Treasury
Current role holder: John Glen MP

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

Current role holder

John Glen MP

John Glen was appointed Economic Secretary to the Treasury and City Minister on 9 January 2018.

He was Parliamentary Under Secretary of State for the Department for Culture, Media and Sport from 14 June 2017 to 8 January 2018.

He was Parliamentary Private Secretary to Philip Hammond from July 2016 until June 2017.

Political career

John Glen MP was first elected to Parliament as the Conservative MP for Salisbury in 2010.

He previously worked for the Eric Pickles and Sajid Javid as a Parliamentary Private Secretary.

More about this person

Previous holders of this role

  1. Simon Kirby

    2016 to 2017

  2. Harriett Baldwin MP

    2015 to 2016

  3. The Rt Hon Andrea Leadsom MP

    2014 to 2015

  4. The Rt Hon Baroness Nicky Morgan

    2013 to 2014

  5. The Rt Hon Sajid Javid MP

    2012 to 2013

  6. Chloe Smith MP

    2011 to 2012

  7. The Rt Hon Justine Greening

    2010 to 2011

Announcements

  1. Government unlocks £150 million from dormant accounts for coronavirus response
  2. Letter to front line staff providing essential banking services
  3. Consultation on expanding the dormant assets scheme
  4. Economic secretary speech to the ABCUL
  5. Chancellor and Bank of England Governor hold Coronavirus banking industry summit
  6. Savers can earn 50p for every £1 they save with Help to Save scheme
  7. Plans for major expansion of dormant assets scheme to benefit good causes
  8. Charles Donald appointed as CEO of UK Government Investments
  9. Women in Finance Charter
  10. New appointments announced to Financial Conduct Authority Board