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The Economic Secretary to the Treasury is the sixth-most senior ministerial post in the
UK Treasury Her Majesty's Treasury (HM Treasury), sometimes referred to as the Exchequer, or more informally the Treasury, is the department of the Government of the United Kingdom responsible for developing and executing the government's public finance ...
, after the
First Lord of the Treasury The First Lord of the Treasury is the head of the Lords Commissioners of the Treasury, commission exercising the ancient office of Lord High Treasurer in the United Kingdom, and is by convention also the Prime Minister of the United Kingdom, pri ...
, the
Chancellor of the Exchequer The chancellor of the Exchequer, often abbreviated to the chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and the chief executive officer of HM Treasury, Her Majesty's Treasury. As one of the four Grea ...
, the
Chief Secretary to the Treasury The Chief Secretary to the Treasury (CST) is the third most senior ministerial office in HM Treasury, after the First Lord of the Treasury (though this office is only nominal and held by the Prime Minister of the United Kingdom, Prime Minister, who ...
, the
Paymaster-General Her Majesty's Paymaster General or HM Paymaster General is a ministerial position in the Cabinet Office The Cabinet Office is a department of the Government of the United Kingdom responsible for supporting the prime minister and Cabinet ...
and the
Financial Secretary to the Treasury Financial Secretary to the Treasury is a mid-level ministerial post in the HM Treasury, British Treasury. It is the fifth most significant ministerial role within the Treasury after the First Lord of the Treasury, the Chancellor of the Exchequer, ...
. It is not a
cabinet Cabinet or The Cabinet may refer to: Furniture * Cabinetry, a box-shaped piece of furniture with doors and/or drawers * Display cabinet, a piece of furniture with one or more transparent glass sheets or transparent polycarbonate sheets * Filing ...
-level post. The office is currently of
Minister of State Minister of State is a title borne by politician A politician is a person active in party politics A political party is an organization that coordinates candidate A candidate, or nominee, is the prospective recipient of an award or ...
rank, and is shadowed by the
Shadow Economic Secretary to the TreasuryThe Shadow Economic Secretary to the Treasury is a role in the Official Opposition frontbench. The role of the office is to shadow the Economic Secretary to the Treasury. List of officeholders * David Hanson (politician), David Hanson *Cathy Jami ...
.


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 The Chief Secretary to the Treasury (CST) is the third most senior ministerial office in HM Treasury, after the First Lord of the Treasury (though this office is only nominal and held by the Prime Minister of the United Kingdom, Prime Minister, who ...
, which held a seat in cabinet. Following the establishment of the Department of Economic Affairs in 1964, the Economic Secretary,
Anthony Crosland Charles Anthony Raven Crosland (29 August 191819 February 1977), known as Anthony Crosland, Tony Crosland or C. A. R. Crosland, was a British Labour Party politician and author. Crosland served as Member of Parliament for South Gloucestershir ...
, 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 A treasury is either *A government department related to finance and taxation, a Finance minister, finance ministry. *A place or location where treasure, such as currency or precious items are kept. These can be State ownership, state or roy ...
post was not re-established until 11 November 1981. Since April 2014 the office of Economic Secretary to the Treasury has been held concurrently with the portfolio of '
City Minister The position of City Minister is a Government of the United Kingdom, United Kingdom Government minister in HM Treasury. The minister is responsible for the British financial services sector which is commonly known as 'City of London, the City'. The ...
'.


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
bank A bank is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), stat ...

bank
ing and finance, including banks, insurance, personal savings,
financial regulation Financial regulation is a form of regulation Regulation is the management of complex systems A complex system is a system composed of many components which may interaction, interact with each other. Examples of complex systems are Earth's ...
, and
foreign exchange reserves Foreign exchange reserves (also called forex reserves or FX reserves) are cash In economics Economics () is the social science that studies how people interact with value; in particular, the Production (economics), production, distr ...
. He or she is also involved in
taxation A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelated elements that act accord ...
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 A spending review or occasionally comprehensive spending review is a governmental process in the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The ...
and finance bills.Ministerial responsibilities
HM Treasury


Economic Secretaries to the Treasury, 1947–present

Colour key (for political parties):


See also

*
Secretary to the Treasury In the United Kingdom, there are several Secretaries to the Treasury, who are Treasury ministers nominally acting as secretaries to HM Treasury. The origins of the office are unclear, although it probably originated during Lord Burghley's tenure a ...


References

{{HM Treasury Lists of government ministers of the United Kingdom 1947 establishments in the United Kingdom