Amidst all of the excitement of last week's reshuffle, I was honoured to be called upon to serve as Economic Secretary to the Treasury, as well as City Minister. I am excited to be working in the Treasury, alongside my friend the Chancellor, at a time when our economy is in the process of so much change and transition. On Wednesday, the Chancellor will deliver his Autumn statement to the House of Commons, giving his assessment of the state of the British economy, and setting out his agenda for the next six months.
Ahead of Wednesday's Autumn statement, I wanted to take the time to explain what my new role entails, and how it ties into the work that I have been doing as your Member of Parliament. In particular, I want to highlight some of the policy areas that I will have responsibility for, and explain the direct impact that these policy areas have on our community in Hitchin, Harpenden and the villages.
In broad terms, the role of the Economic Secretary to the Treasury is to manage the Government's financial services policy, reform, and regulation. Given the significant number of people in our constituency who work in the financial services industry, I'm delighted to be able to have my ear to the ground on developments in this space.
Following on from my work on regulation as a backbencher, I'll be responsible for managing the Government's relationship to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). These are the UK's key economic regulators; they manage the UK's regulation on banking, financial services, and insurance. In turn, these regulations have a huge impact on the public - whether it's the terms of your mortgage, what services banks can provide, or what small business owners are allowed to do with their money. Ensuring that we strike the right balance between consumer protection and the health of our economic system is absolutely critical.
But it's not just regulation. I'm also responsible for the competitiveness and growth of the sector as a whole, and for ensuring that the growth of the financial services sector complements our broader economy, by delivering jobs and prosperity for all parts of the United Kingdom. Closer to home, I'm also responsible for financial inclusion - that means ensuring that people have adequate access to financial services, and are able to build wealth and access savings, whatever their background, location, or profile.
And that's not to mention the work that I'll be doing on the UK Infrastructure Bank, fintech and crypto assets, capital markets, and broader cooperation with the Chancellor on this Government's economic agenda.
Let me be clear - my ministerial role is a complement to my position as your Member of Parliament. In all of this work, I will continue to give regard to the interests of Hitchin and Harpenden, making sure to carry our community forward along with the country. I look forward to continuing my work delivering for you, while also shaping the Government's agenda in these key areas.
