Ministerial role

Economic Secretary to the Treasury

Organisations: HM Treasury
Current role holder: Tulip Siddiq 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
    • 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
  • Parliamentary deputy on economy issues
  • Supporting the Chancellor with her overall responsibility for appointments

Current role holder

Tulip Siddiq MP

Tulip Siddiq was appointed Parliamentary Secretary (Economic Secretary to the Treasury and City Minister) at HM Treasury on 9 July 2024. She was elected as the MP for Hampstead and Highgate in July 2024.

More about this person

Previous holders of this role

  1. Bim Afolami MP

    2023 to 2024

  2. Andrew Griffith MP

    2022 to 2023

  3. Richard Fuller MP

    2022 to 2022