Tulip Siddiq has been appointed Britain's city minister, responsible for the financial services sector, reports Bloomberg.
Labour's recent election victory led to Keir Starmer becoming prime minister. Siddiq, who has developed policies for the City since 2021, will aim to enhance competitiveness and growth, succeeding former minister Bim Afolami.
Labour clinched a substantial election victory last week, bringing Keir Starmer to power as prime minister. Siddiq, 41, has actively shaped Labour's policies for the financial services industry, commonly referred to as 'the City' due to its association with the City of London financial district, since 2021.
While her appointment has yet to be formally announced by the government, Siddiq indicated in May to the Financial Times that Labour would urge the Financial Conduct Authority, the UK markets regulator, to increase efforts to remove barriers to competitiveness and growth.
