HMT reshuffle sees appointment of Andrea Leadsom as new City Minister.
The resignation of Maria Miller from her post as Culture Secretary, following allegations about her expenses, sparked a mini Government reshuffle, impacting mainly on both the Department for Culture, Media and Sport (DCMS), and HM Treasury (HMT).
Sajid Javid, former Financial Secretary to the Treasury with the brief of City Minister, was appointed as Maria Miller's replacement in heading up DCMS. As a result, Nicky Morgan has been promoted from Economic Secretary to the Treasury to replace Sajid Javid as Financial Secretary. Andrea Leadsom has been appointed as the new Economic Secretary to the Treasury.
Interestingly, with the departure of Sajid Javid from HMT, the brief of City Minister has moved from Financial Secretary to Economic Secretary, and now rests with Ms Leadsom - who has been an elected member of the Treasury Select Committee since 2010 and has been vocal on subjects such as account portability and competition in banking.
Details of Nicky Morgan and Andrea Leadsom's ministerial responsibilities are outlined below:
Andrea Leadsom, Economic Secretary to the Treasury (City Minister)
Responsibilities include financial services policy and overall strategic relationship with UK financial services, including:
banking and financial services
reform and regulation (at home and in the EU) including the PRA
- Financial stability
- City competitiveness
- Bank lending and access to finance
- Help to Buy
- Financial conduct and the FCA
- Asset management
- RBS, Lloyds and UKFI
- Retail financial services, including consumer finance, financial advice and
- Equitable life
Nicky Morgan, Financial Secretary to the Treasury
- EU Budget and wider EU issues
- Women and the economy
- Childcare policy
- Tax credits and child poverty, and assisting the Chief Secretary on welfare
- Charities, the voluntary sector and gift aid
- Environment and transport taxation, North Sea oil, gas and shipping
- Energy policy and climate change
- Excise duties, including excise fraud and law enforcement
- Deputising for the Chancellor at Ecofin
- Foreign exchange reserves and debt management policy, National Savings and
Investments and the Debt Management Office
- The Royal Mint