Inaugural holder Douglas Jay Website HM Treasury | Formation December 1947 | |
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Appointer Elizabeth II on the advice of the Prime Minister | ||
The Economic Secretary to the Treasury is the fifth-most senior ministerial post in the UK Treasury, after the Chancellor of the Exchequer, the Chief Secretary to the Treasury, the paymaster-general and the financial secretary. It is not a cabinet-level post.
Contents
Since April 2014 the Economic Secretary to the Treasury has also concurrently held the portfolio of 'City Minister'.
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.
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. These matters include banking and finance, including banks, insurance, personal savings, financial regulation, and foreign exchange reserves. He or she is also involved in taxation as it impacts on these areas, such as tax on savings and pensions, and Insurance Premium Tax. In addition, the economic secretary advises on economic policy and works with other treasury ministers on the Comprehensive Spending Review and finance bills.
Economic Secretaries to the Treasury, 1947–present
Colour key (for political parties):
Conservative Labour