Tulip Siddiq has been appointed to the role of City minister where she will be tasked with leading the new Labour government’s policy on financial services, City A.M. understands.
The MP for Hampstead and Highgate, who shadowed the brief while in opposition, is understood to have been appointed to the role – known formally as economic secretary to the Treasury – but the announcement is yet to be made public.
Siddiq has spearheaded Labour’s policy on financial services in opposition and launched the party’s plans for the City in January, in which it pledged to “modernise the regulatory burden” and cut “redundant” rules that have hampered the growth of the sector.
“Labour understands that the future success of our country depends on supporting businesses[…] to grow and thrive, to deliver investment and jobs in every part of the UK,” she wrote in City A.M. last week, days before the election.
“That’s why Labour’s plan for growth has a renewed partnership with business at its heart.”
Her appointment was first reported by Bloomberg News.
Siddiq has been at the heart of reshaping the Labour party’s relationship with the City after a breakdown in relations under Jeremy Corbyn. She and then-Shadow Chancellor Rachel Reeves launched a major charm offensive on City firms in the run-up to the election, dubbed the ‘smoked salmon and scrambled eggs offensive’ in the Square Mile.