Economic Secretary to the Treasury
Encyclopedia
The Economic Secretary to the Treasury is the fifth most senior ministerial post in the UK Treasury
, after the Chancellor of the Exchequer
, the Chief Secretary to the Treasury
, the Paymaster-General
and the Financial Secretary
. It is not a Cabinet
office.
The office was originally created in December 1947 and abolished on 22 December 1964 but re-established on 11 November 1981.
The current holder of the post is Chloe Smith
.
and finance, including banks, insurance, personal savings, financial regulation, and foreign exchange reserves
. He or she is also involved in taxation 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 and finance bills.
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
, after the Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
, the Chief Secretary to the Treasury
Chief Secretary to the Treasury
The Chief Secretary to the Treasury is the third most senior ministerial position in HM Treasury, after the Prime Minister and the Chancellor of the Exchequer . In recent years, the office holder has usually been given a junior position in the British Cabinet...
, the Paymaster-General
Paymaster-General
HM Paymaster General is a ministerial position in the United Kingdom. The Paymaster General is in charge of the Office of HM Paymaster General , which held accounts at the Bank of England on behalf of Government departments and selected other public bodies...
and the Financial Secretary
Financial Secretary to the Treasury
Financial Secretary to the Treasury is a junior Ministerial post in the British Treasury. It is the 4th most significant Ministerial role within the Treasury after the Chancellor of the Exchequer, the Chief Secretary to the Treasury, and the Paymaster General...
. It is not a Cabinet
Cabinet (government)
A Cabinet is a body of high ranking government officials, typically representing the executive branch. It can also sometimes be referred to as the Council of Ministers, an Executive Council, or an Executive Committee.- Overview :...
office.
The office was originally created in December 1947 and abolished on 22 December 1964 but re-established on 11 November 1981.
The current holder of the post is Chloe Smith
Chloe Smith
Chloe Rebecca Smith is a British politician and the Conservative Member of Parliament for Norwich North. She was elected to the seat in a by-election on 23 July 2009 following the resignation of Labour MP Ian Gibson after the MPs' expenses scandal.-Early life:Born in Ashford, Kent, she was aged 3...
.
Responsibilities
The Economic Secretary is responsible for matters involving bankingBank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
and finance, including banks, insurance, personal savings, financial regulation, and foreign exchange reserves
Foreign exchange reserves
Foreign-exchange reserves in a strict sense are 'only' the foreign currency deposits and bonds held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, Special Drawing Rights and International Monetary Fund reserve positions...
. He or she is also involved in taxation 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 and finance bills.
Economic Secretaries to the Treasury, 1947–present
- Douglas Jay 1947–1950
- Office vacant 1950
- John Edwards 1950–1951
- Office vacant (see Minister of Economic Affairs)
- Reginald MaudlingReginald MaudlingReginald Maudling was a British politician who held several Cabinet posts, including Chancellor of the Exchequer. He had been spoken of as a prospective Conservative leader since 1955, and was twice seriously considered for the post; he was Edward Heath's chief rival in 1965...
1952–1955 - Sir Edward Boyle 1955–1956
- Derek Walker-Smith 1956–1957
- Nigel Birch 1957–1958
- Office vacant 1958
- Frederick Erroll 1958–1959
- Anthony Barber 1959–1962
- Edward du CannEdward du CannSir Edward Dillon Lott du Cann is a retired politician from the United Kingdom. He was a Member of Parliament from 1956–87, and served as Chairman of the Conservative Party from 1965–67, and Chairman of party's 1922 Committee from 1972-84.Du Cann was educated at Colet Court, Woodbridge School and...
1962–1963 - Maurice Macmillan 1963–1964
- Anthony CroslandAnthony CroslandCharles Anthony Raven Crosland , otherwise Tony Crosland or C.A.R. Crosland, was a British Labour Party politician and author. He served as Member of Parliament for South Gloucestershire and later for Great Grimsby...
1964 (de facto Minister of State for Economic Affairs)
- Office abolished 22 December 1964
- office re-established 11 November 1981
- Jock Bruce-GardyneJock Bruce-GardyneJohn Bruce-Gardyne, Baron Bruce-Gardyne was a British Conservative Party politician.Son of Captain Evan Bruce-Gardyne, DSO, RN 13th Laird of Middleton, and a member of a Scottish landholding family who have been based in the county of Angus since at least 1008 AD. He was born in Chertsey, Surrey...
1981–1983 - John MooreJohn Moore, Baron Moore of Lower MarshJohn Edward Michael Moore, Baron Moore of Lower Marsh PC is a British politician who was Member of Parliament for Croydon Central from February 1974 until 1992. During the Premiership of Margaret Thatcher he enjoyed a meteoric rise through the ranks of government which culminated in him serving as...
1983 - Ian Stewart 1983–1987
- Peter LilleyPeter LilleyPeter Bruce Lilley MP is a British Conservative Party politician who has been a Member of Parliament MP since 1983. He currently represents the constituency of Hitchin and Harpenden and, prior to boundary changes, represented St Albans...
1987–1989 - Richard RyderRichard Ryder, Baron Ryder of WensumRichard Andrew Ryder, Baron Ryder of Wensum, OBE, PC , is a British Conservative Party politician. A former Member of Parliament and government minister, he was made a Life Peer in 1997 and is now a member of the House of Lords. He is a nephew of the late Sue Ryder, the Baroness Ryder of Warsaw,...
1989 - John MaplesJohn MaplesJohn Cradock Maples, Baron Maples is British politician. A member of the Conservative Party, he served as a Member of Parliament representing Lewisham West from 1982 to 1992 and Stratford-upon-Avon from 1997 to 2010...
1989–1992 - Anthony NelsonAnthony NelsonRichard Anthony Nelson is a former British Conservative politician. He was educated at Harrow School and Christ's College, Cambridge...
1992–1995 - Angela KnightAngela KnightAngela Ann Knight is the Chief Executive of the British Bankers' Association . She was formerly a Conservative Party Member of Parliament representing the constituency of Erewash from 1992–97, and served as the Economic Secretary to the Treasury from 1995–97.-Early life:Born in Sheffield, Knight...
1995–1997 - Helen LiddellHelen LiddellHelen Lawrie Liddell, Baroness Liddell of Coatdyke is a British Labour Party politician who was the Member of Parliament for Monklands East from 1994 to 1997, and then for Airdrie and Shotts until 2005, whereafter she became the British High Commissioner to Australia until 2009...
1997–1998 - Patricia HewittPatricia HewittPatricia Hope Hewitt is an Australian-born British Labour Party politician, who was the Member of Parliament for Leicester West from 1997 until 2010. She served in the Cabinet until 2007, most recently as Health Secretary....
1998–1999 - Melanie JohnsonMelanie JohnsonMelanie Jane Johnson is a Labour politician in the United Kingdom.-Early life:Johnson attended the Independent Clifton High School in Clifton, Bristol. Leaving Bristol for London, Johnson studied at University College London, gaining a BA in Philosophy and Ancient Greek...
1999–2001 - Ruth KellyRuth KellyRuth Maria Kelly is a British Labour Party politician of Irish descent who was the Member of Parliament for Bolton West from 1997 until she stood down in 2010...
2001–2002 - John HealeyJohn HealeyJohn Healey is a British Labour Party politician, who has been the Member of Parliament for Wentworth and Dearne since 1997, and former Minister of State for Housing and Planning. In 2010 he was elected to the shadow cabinet and appointed shadow health secretary...
2002–2005 - Ivan LewisIvan LewisIvan Lewis is a British Labour Party politician who has been the Member of Parliament for Bury South since 1997. Lewis served in a variety of junior ministerial positions, including as Minister of State at the Foreign and Commonwealth Office.-Personal life:Lewis was born to a British Jewish...
2005–2006 - Ed BallsEd BallsEdward Michael Balls, known as Ed Balls, is a British Labour politician, who has been a Member of Parliament since 2005, currently for Morley and Outwood, and is the current Shadow Chancellor of the Exchequer....
2006–2007 - Kitty UssherKitty UssherKatharine Anne "Kitty" Ussher is a British economist and former Labour Party politician.After training as an economist, she was elected Member of Parliament for Burnley from 2005 until 2010, succeeding Peter Pike. Ussher formerly held the position of Exchequer Secretary to the Treasury in Gordon...
2007-2008 - Ian PearsonIan PearsonIan Phares Pearson is a British Labour Party politician who was a Member of Parliament from 1994 until 2010, representing Dudley West from 1994 until 1997, and then Dudley South from 1997 until his retirement from the House of Commons at the 2010 general election...
2008-2010 - Justine GreeningJustine GreeningJustine Greening is a Conservative Party politician in the United Kingdom. She has been the Member of Parliament for Putney since 2005. She was appointed Economic Secretary to the Treasury in May 2010, and became Secretary of State for Transport on 14 October 2011...
2010-2011 - Chloe SmithChloe SmithChloe Rebecca Smith is a British politician and the Conservative Member of Parliament for Norwich North. She was elected to the seat in a by-election on 23 July 2009 following the resignation of Labour MP Ian Gibson after the MPs' expenses scandal.-Early life:Born in Ashford, Kent, she was aged 3...
2011-