Ministerial role

Economic Secretary to the Treasury

Organisations: HM Treasury
Current role holder: Bim Afolami MP


The Economic Secretary to the Treasury is the City Minister and is responsible for financial services.

  • Financial services policy, reform and regulation including:
    • Financial conduct, including relationship with the FCA
    • Financial stability, including relationship with the PRA
    • Competitiveness and growth of the financial services sector
    • Capital markets and listings
    • Financial inclusion
    • Islamic finance, Fintech, and Crypto assets, including Central Bank Digital Currency
    • International financial services (excluding input to DIT FTAs) including regulatory cooperation, the Swiss Mutual Recognition Agreement, EU issues
    • Sponsorship of UKGI and State-owned financial assets, including NatWest shareholding
    • Cash and Payments including Royal Mint
  • Financial services tax, including bank levy, bank corporation tax surcharge, Insurance Premium Tax
  • Personal savings tax and pensions tax policy
  • Foreign exchange reserves and debt management policy (including green gilt), National Savings and Investment, Debt Management Office
  • Public Works Loan Board
  • UK Infrastructure Bank, British Business Bank and British Patient Capital
  • Parliamentary deputy on economy issues
  • Supporting the Chancellor with his overall responsibility for appointments

Current role holder

Bim Afolami MP

Bim Afolami was appointed Economic Secretary to the Treasury on 13 November 2023.

More about this person

Previous holders of this role

  1. Andrew Griffith MP

    2022 to 2023

  2. Richard Fuller MP

    2022 to 2022