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Siddiq to Be UK’s City Minister, Person Familiar Says

Tulip Siddiq Photographer: Nicola Tree/Getty Images Europe (Nicola Tree/Photographer: Nicola Tree/Getty )

(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.

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. 

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(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.)

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