Ministerial role

Economic Secretary to the Treasury

Organisations: HM Treasury

Current role holder: Bim Afolami MP

Responsibilities

The Economic Secretary to the Treasury is the City Minister and is responsible for financial services.

Financial services policy, reform and regulation including:
- Financial conduct, including relationship with the FCA
- Financial stability, including relationship with the PRA
- Competitiveness and growth of the financial services sector
- Capital markets and listings
- Financial inclusion
- Islamic finance, Fintech, and Crypto assets, including Central Bank Digital Currency
- International financial services (excluding input to DIT FTAs) including regulatory cooperation, the Swiss Mutual Recognition Agreement, EU issues
- Sponsorship of UKGI and State-owned financial assets, including NatWest shareholding
- Cash and Payments including Royal Mint
Financial services tax, including bank levy, bank corporation tax surcharge, Insurance Premium Tax
Personal savings tax and pensions tax policy
Foreign exchange reserves and debt management policy (including green gilt), National Savings and Investment, Debt Management Office
Public Works Loan Board
UK Infrastructure Bank, British Business Bank and British Patient Capital
Parliamentary deputy on economy issues
Supporting the Chancellor with his overall responsibility for appointments

Bim Afolami was appointed Economic Secretary to the Treasury on 13 November 2023.