Julia Irvine 14 Jun 2017 11:05am

New economic secretary announced

HM Treasury has a new economic secretary – he’s Stephen Barclay, MP for North East Cambridgeshire, a former government whip and member of the Public Accounts Committee under the chairmanship of Margaret Hodge

His portfolio of responsibilities is yet to be decided but he is likely to end up with a brief covering financial services, including regulation and legislation of banking and finance and related taxes on savings and pensions. He will also advise on economic policy.

This will play well to his experience acquired while pursuing a career in financial services. After graduating in history from Cambridge, he qualified as a solicitor and then spent time at Guardian Royal Exchange and Axa Insurance, before joining sector regulator the Financial Services Authority (the predecessor body to the Financial Conduct Authority).

Immediately before winning his seat in May 2010, he worked for Barclays' retail banking arm, first as director of regulatory affairs and then head of money-laundering and sanctions.

He joins a virtually new Treasury team - apart from chancellor Philip Hammond. Chief economic secretary to the Treasury is Liz Truss, former Lord Chancellor and justice secretary, and financial secretary is Mel Stride, a former fellow whip.