Tulip Siddiq Appointed Britain's City Minister

Tulip Siddiq has been appointed Britain's City Minister, responsible for the financial services sector. 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.

Tulip Siddiq has been appointed Britain's City Minister, the official overseeing the financial services sector, Bloomberg News reported on Tuesday.

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.

New Finance Minister Rachel Reeves unveiled a 'national mission' on Monday aimed at driving economic growth, with plans to augment housebuilding, unblock infrastructure projects, and attract private investment. Siddiq will be succeeding Bim Afolami, a former HSBC banker who served under the previous Conservative government.

(With inputs from agencies.)