City Minister

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City Minister
Royal Coat of Arms of the United Kingdom (HM Government) (2022).svg
Royal Arms as used by His Majesty's Government
Official portrait of Bim Afolami MP.jpg
Incumbent
Bim Afolami
since 13 November 2023
HM Treasury
AppointerThe British Monarch
on advice of the Prime Minister
Inaugural holder The Lord Myners
Formation3 October 2008 [1]
Website HM Treasury

The position of City Minister is a United Kingdom Government mid-level ministerial post in HM Treasury. The minister is responsible for the British financial services sector which is commonly known as 'the City'. The post is normally held in combination with another Treasury position, currently the Economic Secretary to the Treasury.

Contents

History

The term 'City Minister' was first used as a nickname for the position of Financial Services Secretary to the Treasury which was created by Gordon Brown upon coming to office in October 2008. [2] The only person to have held the office was Lord Myners, who served from October 2008 to May 2010. [3] [4]

In May 2010 as part of the ministerial reorganisation by the Cameron Government the position of Financial Services Secretary to the Treasury was abolished. However, the idea of there being a minister specifically responsible for the City was retained and it was decided that the post would be held concurrently with the position of Financial Secretary to the Treasury, held at the time by Mark Hoban.

Following the promotion of Sajid Javid to Secretary of State for Culture, Media and Sport in April 2014 the portfolio of City Minister was moved from the Financial Secretary to the Treasury to the Economic Secretary to the Treasury. [5]

Following the 2017 snap general election, City Minister Simon Kirby lost his seat and was succeeded by Steve Barclay.

Following Liz Truss becoming Prime Minister, although Richard Fuller retained his position as Economic Secretary to the Treasury, the City Minister brief was removed from him and returned to the Financial Secretary to the Treasury. [6]

List of officeholders

Colour key (for political parties):
   Conservative    Labour

City MinisterTerm of officePolitical party Prime Minister Chancellor
As Financial Services Secretary to the Treasury
Blank.png Paul Myners, Baron Myners 3 October 200813 May 2010 Labour Brown Darling
As Financial Secretary to the Treasury
Mark Hoban MP speaking at 'Improving Employment Outcomes' (cropped).jpg Mark Hoban 13 May 20104 September 2012 Conservative Cameron
(Coalition)
Osborne
Official portrait of Rt Hon Greg Clark MP crop 2.jpg Greg Clark 4 September 20127 October 2013 Conservative
Official portrait of Rt Hon Sajid Javid MP crop 2.jpg Sajid Javid 7 October 20139 April 2014 Conservative
As Economic Secretary to the Treasury
Official portrait of Rt Hon Andrea Leadsom MP crop 2.jpg Andrea Leadsom 9 April 201411 May 2015 Conservative Cameron
(Coalition)
Osborne
Official portrait of Harriett Baldwin MP crop 2.jpg Harriett Baldwin 11 May 201516 July 2016 Conservative Cameron
(II)
Simon Kirby MP.jpg Simon Kirby 16 July 20168 June 2017 Conservative May Hammond
Official portrait of Rt Hon Steve Barclay MP crop 2.jpg Steve Barclay 14 June 2017 9 January 2018 Conservative
Official portrait of John Glen MP crop 2.jpg John Glen 9 January 2018 6 July 2022 Conservative
Johnson Javid
Sunak
Official portrait of Richard Fuller MP crop 2.jpg Richard Fuller 8 July 20226 September 2022 Conservative
Zahawi
As Financial Secretary to the Treasury
Official portrait of Andrew Griffith MP crop 2.jpg Andrew Griffith 7 September 202227 October 2022 Conservative Truss Kwarteng
Hunt
As Economic Secretary to the Treasury
Official portrait of Andrew Griffith MP crop 2.jpg Andrew Griffith 27 October 202213 November 2023 Conservative Sunak Hunt

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References

  1. House of Commons, Treasury Committee. Banking Crisis: Reforming Corporate Governance and Pay in the City, Ninth Report of Session 2008–09. p. 42.
  2. "City minister Myners seeks review of how investment banking has 'permeated' society". The Daily Telegraph). 25 January 2010. Retrieved 20 May 2010.
  3. "Paul Myners CBE - Financial Services Secretary to the Treasury". HM Treasury. Archived from the original on 7 April 2010. Retrieved 12 May 2010.
  4. "Speech by the Financial Services Secretary to the Treasury, Paul Myners to the Association of Foreign Banks". HM Treasury official website (archived by The National Archives). 11 June 2009. Archived from the original on 28 June 2009. Retrieved 20 May 2010.
  5. Andrea Leadsom MP appointed new City Minister for HMT, Tech UK, 10 April 2014, retrieved 4 August 2016
  6. "Andrew Griffith MP". 21 September 2022. Retrieved 24 August 2023.