Chancellor of the Exchequer - Rt Hon MP
- fiscal policy (including the presenting of the annual Budget)
- monetary policy, setting inflation targets
- ministerial arrangements (in his role as Second Lord of the
Treasury)
Chief Secretary to the Treasury - Rt Hon
MP
The Chief Secretary (CST) is responsible for public expenditure,
including:
- spending reviews and strategic planning
- in-year spending control
- public sector pay and pensions
- Annually Managed Expenditure (AME) and welfare reform
- efficiency and value for money in public service
- procurement
- capital investment
- infrastructure spending
- housing and planning
- spending issues related to trade
- transport policy, including HS2, Crossrail 2, Roads, Network
Rail, Oxford/Cambridge corridor
- Treasury interest in devolution to Scotland, Wales and
Northern Ireland
- women in the economy
- skills, labour market policy and childcare policy, including
tax free childcare
- tax credits policy
- housing and planning
- legislative strategy
- state pensions/ pensioner benefits
- freeports – with support from FST on customs aspects
Financial Secretary to the Treasury - Rt Hon MP
The Financial Secretary (FST) is the Treasury Minister of State
responsible for tax policy and customs – including border
readiness, which includes:
- leading on the UK tax system including direct, indirect,
business, property and personal taxation
- corporate and small business taxation
- Value Added Tax (VAT)
- European and international tax issues
- overall responsibility for the Finance Bill
- National Insurance Bill
- customs policy
- HMRC planning and delivery of our future partnership with the
EU
- departmental Minister for HM Revenue and Customs and the
Valuation Office Agency and the Government Actuary’s Department
- tariffs policy
- trade policy
- freeports (CST policy lead – FST support on customs)
- infrastructure policy:
- National Infrastructure Strategy
- National Infrastructure Commission
- Infrastructure and Projects Authority (IPA, joint with
Cabinet Office)
- Public - Private Partnerships
- (PPPs) and Private Finance Initiatives (PFI/PFI2)
- DUP relations
- parliamentary deputy on public spending issues
Minister of State -
The Minister is the Treasury spokesman in the House of Lords
Economic Secretary to the Treasury -
The Economic Secretary (EST) is the City Minister responsible for
financial services, including:
- banking and financial services reform and regulation
- financial stability, including relationship with the PRA
- financial conduct, including relationship with the FCA
- financial services including all banking, insurance, asset
management
- retail financial services, including banking competition,
consumer finance, financial advice and capability
- bank lending and access to finance
- financial Inclusion (lead on the government’s financial
inclusion agenda)
- access to affordable credit, including credit unions
- women in finance agenda
- EU financial services including EU exit and decisions as a
member state
- city competitiveness, including global financial markets,
Global Financial Partnerships and financial services trade
- green finance, Islamic finance, and Fintech
- financial services taxation, including bank levy, bank corp.
tax surcharge, IPT
- personal savings tax and pensions tax policy
- sponsorship of UKGI and State owned financial assets – RBS,
UKAR
- financial sanctions and countering economic crime and illicit
finance
- foreign exchange reserves and debt management policy,
National Savings and Investments and the Debt Management Office
- cash and payments including, Royal Mint
- parliamentary deputy on economy issues
Exchequer Secretary to the Treasury and Parliamentary
Under-Secretary of State (Minister for Equalities) -
The Exchequer Secretary (XST) is responsible for:
- UK growth and productivity
- regional devolution, City deals, Northern Powerhouse,
Midlands Engine, Ox-Cam Arc
- place based economic strategy
- better regulation and competition policy
- R&D and science policy
- skills, migration, National Retraining Scheme and
apprenticeship levy
- digital, fibre and mobile
- patient Capital Review implementation
- promoting UK as a destination for FDI (non-FS)
- energy infrastructure, energy, environment and climate
policy:
- the HMT review (net zero) into the costs of decarbonisation;
- new nuclear
- roll out of green infrastructure
- consumer bills vs tax
- energy and environment taxes, including plastics taxation and
carbon taxes
- transport taxation including vehicle taxes and future
strategy and air passenger duty
- North Sea oil, gas and shipping
- Small Business Policy (including prompt payments and FSB
stakeholder engagement)
The following indirect taxes:
- excise duties (alcohol, tobacco and gambling), including
excise fraud and law enforcement
- soft drink industry levy
- charities, the voluntary sector and gift aid
- corporate governance
- supporting tax legislation in Parliament
- implementation of the Rose Review
- Crown Estate and the Royal Household
- overseas territories and Crown dependencies
- departmental minister for HM Treasury Group
