This written ministerial statement confirms the following Machinery of Government Changes.
Responsibility for the Shareholder Executive will transfer from the Secretary of State for Business, Innovation and Skills to the Chancellor of the Exchequer. A new government-owned company (GovCo), wholly owned by HM Treasury, will be formed to oversee the activities of both the Shareholder Executive and UK Financial Investments. This change will take place on the establishment of GovCo.
Digital Economy Unit
Responsibility for the Digital Economy Unit will transfer from the Secretary of State for Business, Innovation and Skills to the Secretary of State for Culture, Media and Sport.
Responsibility for cities policy will transfer from the Chancellor of the Duchy of Lancaster to the Secretary of State for Communities and Local Government.