Siddiq to Be UK’s City Minister, Person Familiar Says
(Bloomberg) -- Prime Minister Keir Starmer will appoint Tulip Siddiq as the UK’s City Minister, a role within the Treasury that puts her at the heart of regulating and advocating for the key financial services industry.
Most Read from Bloomberg
Saudis Warned G-7 Over Russia Seizures With Debt Sale Threat
The End of the Cheap Money Era Catches Up to Chelsea FC’s Owner
NYC Penthouse Sells for $135 Million in Priciest Deal Since 2022
Siddiq, who has been an MP since 2015, is expected to be appointed to the post of Economic Secretary to the Treasury, a person familiar with the matter said. It’s the equivalent role that she held in Starmer’s shadow cabinet.
The premier’s office later confirmed Siddiq’s appointment in a statement. James Murray was also appointed Exchequer Secretary to the Treasury.
Siddiq’s position is known as the City Minister, referring to the UK’s City of London and the wider financial services industry. The responsibilities also include regulation of financial technology, crypto assets and debt management policy.
Along with Chancellor of the Exchequer Rachel Reeves, Siddiq is expected to help shape the new government’s efforts to boost London’s status as a global financial center after Brexit.
Listen and follow The Big Take on Apple Podcasts, Spotify or wherever you get your podcasts
(Updates with Downing Street confirms appointment in third paragraph. An earlier version of this story was corrected to the City Minister is responsible for regulation of crypto assets.)
Most Read from Bloomberg Businessweek
At SpaceX, Elon Musk’s Own Brand of Cancel Culture Is Thriving
The First Porsche 911 Hybrid Is $165,000 Carrera GTS: Review
©2024 Bloomberg L.P.
