Economic Secretary to the Treasury

{{Infobox Political post

| post = {{small|United Kingdom}}
Economic Secretary to the Treasury

| body =

| nativename =

| insignia = Coat of arms of the United Kingdom (2022, lesser arms).svg

| insigniacaption = Royal Arms of His Majesty's Government

| department = His Majesty's Treasury

| alt =

| incumbent = Emma Reynolds

| incumbentsince = 14 January 2025

| image = File:Official portrait of Emma Reynolds MP crop 2, 2024.jpg

| style =

| nominator = Prime Minister

| appointer = The King
{{small|(on the advice of the Prime Minister)}}

| termlength = At His Majesty's pleasure

| inaugural = Douglas Jay

| formation = 13 November 1947

| last =

| abolished =

| succession =

| website = {{URL|https://www.gov.uk/government/ministers/economic-secretary-to-the-treasury--3|Official Website}}

| reports_to = First Lord of the Treasury
Chancellor of the Exchequer & Second Lord of the Treasury

}}

The Economic Secretary to the Treasury is a junior ministerial post in His Majesty's Treasury, ranked below the First Lord of the Treasury, the Chancellor of the Exchequer, the Chief Secretary to the Treasury, the Paymaster General and the Financial Secretary to the Treasury, and alongside the Exchequer Secretary to the Treasury. It ranks at Parliamentary Secretary level and the holder does not attend Cabinet. Since 2014, the holder has also generally held the position of City Minister. It is shadowed by the Shadow Economic Secretary to the Treasury.

History

The office was created in November 1947. In 1961, the Economic Secretary became junior to the new office of Chief Secretary to the Treasury, which held a seat in cabinet.

Following the establishment of the Department of Economic Affairs in 1964, the Economic Secretary, Anthony Crosland, transferred to become Minister of State in that department. The post of Economic Secretary to the Treasury was abolished on 22 December 1964. Although the Department of Economic Affairs closed in 1969, the Treasury post was not re-established until 11 November 1981.

From April 2014 to September 2022, and since October 2022, the office of Economic Secretary to the Treasury has been held concurrently with the portfolio of 'City Minister'.{{citation|url=https://www.techuk.org/insights/news/item/1371-andrea-leadsom-mp-appointed-new-city-minister-within-hmt|title=Andrea Leadsom MP appointed new City Minister for HMT|publisher=Tech UK|date=10 April 2014|access-date=4 August 2016}}

Responsibilities

The Economic Secretary is responsible, though more senior ministers share in decision-making, for the answering of written and verbal parliamentary questions and for the devising of regulations, orders and legislation in various matters. Until September 2022, these matters included banking and finance, including banks, insurance, personal savings, financial regulation, and foreign exchange reserves. He or she was also involved in taxation as it impacted on these areas, such as tax on savings and pensions, and Insurance Premium Tax. In addition, the Economic Secretary, until September 2002, advised on economic policy and continues to work with other Treasury ministers on the Comprehensive Spending Review and finance bills.[http://www.hm-treasury.gov.uk/about/ministerial_profiles/minprofile_index.cfm Ministerial responsibilities] {{webarchive|url=https://web.archive.org/web/20070702175544/http://www.hm-treasury.gov.uk/about/ministerial_profiles/minprofile_index.cfm |date=2007-07-02 }} HM Treasury

Economic Secretaries to the Treasury, 1947–present

Colour key (for political parties):

{{Legend2|{{Party color|Conservative Party (UK)}}|Conservative|border=1px solid #AAAAAA}}

{{Legend2|{{Party color|Labour Party (UK)}}|Labour|border=1px solid #AAAAAA}}

class="wikitable" style="text-align:center"

! colspan=3 | Economic Secretary

! colspan=2 | Term of office

! Political party

! colspan=2 | Prime Minister

! Chancellor

style="height:1em"

| style="background-color:{{Party color|Labour Party (UK)}}" |

Economic Secretary to the Treasury

History

Responsibilities

Economic Secretaries to the Treasury, 1947–present

See also

References