The Economic Secretary to the Treasury (EST) is a ministerial position in HM Treasury responsible for the UK government’s financial services, economic sanctions, financial crime, and debt and reserves management policy. Furthermore, the EST is responsible for the Treasury’s interests in British Overseas Territories (BOTs) and Crown Dependencies. Since 2014, the position has typically been held concurrently with City Minister. The position is shadowed by the Shadow Economic Secretary to the Treasury.
Contents
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, which held a seat in cabinet.
Following the establishment of the Department of Economic Affairs in 1964, the economic secretary, Anthony Crosland, 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 post was not re-established until 11 November 1981.
From April 2014 to September 2022, and since October 2022, the office of Economic Secretary to the Treasury has been held concurrently with the portfolio of 'City Minister'.
Economic secretaries to the Treasury, 1947–present
Colour key (for political parties):
Conservative
Labour