Britain’s new leadership under Sir Keir Starmer’s Labour Party has been further clarified, with a number of relevant appointments for the country’s business sector.
Perhaps the two most significant appointments are Tulip Siddiq and James Murray, who have been appointed as the Economic Secretary to the Treasury and City Minister, and Exchequer Secretary to the Treasury, respectively.
Siddiq’s roles are the most significant to the financial sector. The positions of Economic Secretary and City Minister are held in tandem traditionally, with the latter concerning oversight and development of policies concerning the financial services sector.
“It is a privilege to be appointed Economic Secretary to the Treasury and City Minister,” Siddiq wrote on X, formerly Twitter.
“Our financial services industry is one of Britain’s greatest assets and will be key to restoring economic growth. There’s no time to waste.”
Siddiq had previously served as Shadow Economic Secretary to the Treasury in Keir Starmer’s opposition Shadow Cabinet from 2021 until the party’s victory in last week’s election (4 July 2024).
In this position she will play a key role in formulating and implementing Labour’s financial policies, which have touched on several areas, including Open Banking, Artificial Intelligence and fintech, along with retail/community banking.
Turning to Murray, the MP for Ealing North will hold a number of responsibilities relating to financial services, although in a more border business policy sense than Siddiq’s role as City Minister.
His remit will cover small business taxation and support for the Chancellor of the Exchequer, Rachel Reeves, in economic reform policies. Competition and regulation is another important area, something of great significance to payments and financial services.
The two roles are Under-Secretary positions. This means Siddiq and Murray are junior ministers in the Treasury and will not join the Cabinet, instead reporting to three senior leaders.
These are the Chief Secretary to the Treasury, Darren Jones; Chancellor Rachel Reeves; and the First Lord of the Treasury, the latter role held by Prime Minister and Labour Party Leader, Starmer.
In addition to Siddiq and Murray, there are several other Under-Secretary appointments which have significance for the finance and payments sectors.
Justin Madders and Gareth Thomas have been appointed as Parliamentary under-Secretaries at the Department of Business and Trade, playing a role in formulating and implementing policies which could affect both sectors.
Meanwhile, Maggie Jones and Feryal Clark have become Under-Secretaries at the Department of Science, Innovation and Technology (SIT).
These positions are important in the context of the UK’s regulation and development of AI, as well as financial technologies like Open Banking.