Labour MP for Hampstead and Highgate Tulip Siddiq (pictured) has been appointed as city minister, the government has confirmed.
She shadowed the role while Labour was in opposition, before the party won power in the UK general election last Thursday.
“Our financial services industry is one of Britain’s greatest assets and will be key to restoring economic growth,” Siddiq said.
She succeeds former Conservative MP Bim Afolami, who has exited parliament after losing his seat during the election.
In the role, she will lead the government’s financial services efforts.
The appointment follows chancellor Rachel Reeves’ first speech after taking office on Monday (8 July) in which she said boosting economic growth is “a national mission” and will be the “guiding light” in Labour’s approach to the economy.
See also: How will UK markets be influenced by Rachel Reeves and the Labour Party?
