LONDON, Oct 27 (Reuters) – British lawmaker Andrew Griffith was reappointed as the government’s City minister on Thursday, in addition to being appointed Economic Secretary to the Treasury under new Prime Minister Rishi Sunak.
Griffith confirmed on Twitter that he is retaining the post of city minister – a key liaison role between the financial industry and the government.
Sunak’s office announced earlier that he would be the economic secretary to the Treasury, which is a ministerial role within the finance ministry responsible for tax policy and customs.
Griffith, who was appointed city minister in September by then-Prime Minister Liz Truss, will continue to oversee a sweeping Financial Services and Markets Bill (FSMB) pending parliament’s approval. .
The bill implements post-Brexit reforms to insurance capital rules, to regulate stablecoins and give regulators a new focus to help the global competitiveness of the financial sector.
John Glen, a former municipal minister who did much of the drafting work for the FSMB, was appointed chief secretary to the Treasury.
The Bank of England, however, has strongly pushed back against plans by the Treasury to give itself power within the FSMB to veto rules drafted by regulators, if they are in the public interest.
Griffith said the exact wording of the new power would be released in the coming weeks. The Ministry of Finance has indicated that another package of financial reforms is in preparation.
Reporting by Muvija M and Huw Jones; edited by William James and Nick Macfie
Our standards: The Thomson Reuters Trust Principles.
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