Ministerial role
Economic Secretary to the Treasury
Organisations:
HM Treasury
Current role holder:
Tulip Siddiq MP
Responsibilities
The Economic Secretary to the Treasury (EST) is the City Minister and is responsible for:
- 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
- Banking and consumer credit
- Insurance and pensions markets
- Financial inclusion and capability
- Sustainable finance
- Fintech and crypto assets, including Central Bank Digital Currency
- International financial services including regulatory cooperation and financial services EU issues
- Sponsorship of UKGI and State-owned financial assets, including NatWest shareholding
- Cash and Payments including Royal Mint
- Supporting the Chancellor on capital markets and listings
- Women in Finance and supporting the Chancellor on the Women in the Economy agenda
- Engagement with the Financial Services sector
- Financial services tax, including bank levy, bank corporation tax surcharge, Insurance Premium Tax
- Personal savings policy, including ISAs, savings tax and pensions tax policy
- Debt and reserves management policy including green gilt, National Savings and Investment (NS&I) and Debt Management Office (DMO)
- Financial sanctions and countering economic crime, money laundering and illicit finance, including the Office for Financial Sanctions Implementation (OFSI)
- The Treasury’s interest in Overseas Territories and Crown Dependencies issues
- Parliamentary deputy on economy issues
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.
Previous holders of this role
-
Bim Afolami MP
2023 to 2024
-
Andrew Griffith MP
2022 to 2023
-
Richard Fuller MP
2022 to 2022