Economic Secretary to the Treasury

Last updated
United Kingdom
Economic Secretary to the Treasury
Royal Coat of Arms of the United Kingdom (HM Government) (2022).svg
Official portrait of Bim Afolami MP.jpg
Incumbent
Bim Afolami
since 13 November 2023
His Majesty's Treasury
Reports to First Lord of the Treasury
Chancellor of the Exchequer & Second Lord of the Treasury
Nominator Prime Minister
Appointer The King
(on the advice of the Prime Minister)
Term length At His Majesty's pleasure
Inaugural holder Douglas Jay
Formation13 November 1947
Website Official Website

The Economic Secretary to the Treasury is a mid-level ministerial post in His Majesty's Treasury.

Contents

It is nominally the sixth most senior ministerial role within the Treasury after 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. However, the role of first lord of the treasury is always held by the prime minister who is not a Treasury minister, and the position of Paymaster General is a sinecure often held by the Minister for the Cabinet Office to allow the holder of that office to draw a government salary. In practice it is, therefore, the fourth most senior Treasury minister.

The office is not a cabinet-level post but is currently of Minister of State rank. 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 the office of Economic Secretary to the Treasury was held concurrently with the portfolio of 'City Minister'. [1]

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. [2]

Economic Secretaries to the Treasury, 1947–present

Colour key (for political parties):
   Conservative    Labour

Economic SecretaryTerm of officePolitical party Prime Minister Chancellor
3by2white.svg Douglas Jay 13 November 19472 March 1950 Labour Attlee Cripps
3by2white.svg John Edwards 19 October 195026 October 1951 Labour Gaitskell
Office not in use26 October 195124 November 1952 Churchill Butler
Blank.png Reginald Maudling 24 November 19527 April 1955 Conservative
3by2white.svg Sir Edward Boyle 7 April 195511 November 1956 Conservative Eden Macmillan
3by2white.svg Derek Walker-Smith 11 November 195616 January 1957 Conservative
3by2white.svg Nigel Birch 16 January 19576 January 1958 Conservative Macmillan Thorneycroft
Office not in use6 January 195823 October 1958 H-Amory
Blank.png Frederick Erroll 23 October 195822 October 1959 Conservative
3by2white.svg Anthony Barber 22 October 195916 July 1962 Conservative
Lloyd
3by2white.svg Edward du Cann 16 July 196221 October 1963 Conservative Maudling
3by2white.svg Maurice Macmillan 21 October 196316 October 1964 Conservative D-Home
Charles-Anthony-Raven-Crosland (cropped).jpg Anthony Crosland 19 October 196422 December 1964 Labour Wilson Callaghan
Office not in use22 December 196411 November 1981
Jenkins
Heath Macleod
Barber
Wilson Healey
Callaghan
Thatcher Howe
3by2white.svg Jock Bruce-Gardyne 11 November 198113 June 1983 Conservative
Mr John Moore M.P. addressing the Annual LSE Society Dinner, 5th June, 1985.jpg John Moore 13 June 198319 October 1983 Conservative Lawson
3by2white.svg Ian Stewart 19 October 198311 June 1987 Conservative
Official portrait of Lord Lilley crop 2.jpg Peter Lilley 11 June 198724 July 1989 Conservative
3by2white.svg Richard Ryder 24 July 198914 July 1990 Conservative
Major
3by2white.svg John Maples 23 July 199014 April 1992 Conservative
Major Lamont
3by2white.svg Anthony Nelson 14 April 19926 July 1995 Conservative
Clarke
Angela Knight 2015.jpg Angela Knight 6 July 19952 May 1997 Conservative
Official portrait of Baroness Liddell of Coatdyke crop 2.jpg Helen Liddell 3 May 199727 July 1998 Labour Blair Brown
Patricia Hewitt.jpg Patricia Hewitt 27 July 199817 May 1999 Labour
Melanie Johnson.JPG Melanie Johnson 17 May 19998 June 2001 Labour
RuthKellyMP.jpg Ruth Kelly 8 June 200115 May 2002 Labour
Office not in use15 May 200230 May 2002
Official portrait of Rt Hon John Healey MP crop 2.jpg John Healey 30 May 20026 May 2005 Labour
Official portrait of Mr Ivan Lewis crop 2.jpg Ivan Lewis May 2005May 2006 Labour
Ed Balls 2.jpg Ed Balls 6 May 200628 June 2007 Labour
Kitty ussher at election count in burnley 2009.JPG Kitty Ussher 29 June 20075 October 2008 Labour Brown Darling
Ianperason.jpg Ian Pearson 5 October 200811 May 2010 Labour
Official portrait of Justine Greening crop 2.jpg Justine Greening 13 May 201014 October 2011 Conservative Cameron
(Coalition)
Osborne
Official portrait of Chloe Smith MP crop 2.jpg Chloe Smith 14 October 20114 September 2012 Conservative
Official portrait of Rt Hon Sajid Javid MP crop 2.jpg Sajid Javid 4 September 20127 October 2013 Conservative
Official portrait of Baroness Morgan of Cotes crop 2.jpg Nicky Morgan 7 October 20139 April 2014 Conservative
Official portrait of Rt Hon Andrea Leadsom MP crop 2.jpg Andrea Leadsom 9 April 201411 May 2015 Conservative
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 17 July 20169 June 2017 Conservative May
(I)
Hammond
Official portrait of Rt Hon Steve Barclay MP crop 2.jpg Steve Barclay 14 June 2017 9 January 2018 Conservative May
(II)
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 2022 27 October 2022 Conservative Zahawi
Truss Kwarteng
Hunt
Official portrait of Andrew Griffith MP crop 2.jpg Andrew Griffith 27 October 2022 13 November 2023 Conservative Sunak
Official portrait of Bim Afolami MP crop 2.jpg Bim Afolami 13 November 2023 Incumbent Conservative

See also

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References

  1. Andrea Leadsom MP appointed new City Minister for HMT, Tech UK, 10 April 2014, retrieved 4 August 2016
  2. Ministerial responsibilities Archived 2007-07-02 at the Wayback Machine HM Treasury