UK lawmaker Tulip Siddiq appointed as City Minister

Industry Desk: UK lawmaker Tulip Siddiq has been appointed as Britain’s new City Minister, responsible for overseeing the financial services sector, the government announced on Tuesday.

This appointment follows Labour’s decisive election victory last week, which brought Keir Starmer to power as Prime Minister. Siddiq, 41, has been instrumental in shaping Labour’s policies for the financial services industry, commonly referred to as ‘the City’ after the City of London financial district, since 2021.

In May, Siddiq told the Financial Times that Labour would urge the Financial Conduct Authority, Britain’s markets regulator, to intensify efforts to remove barriers to competitiveness and growth.

On Monday, new finance minister Rachel Reeves unveiled a “national mission” to drive economic growth, with plans to increase housebuilding, unblock infrastructure projects, and attract private investment.

Siddiq takes over from Bim Afolami, a former HSBC banker who held the role under the previous Conservative government.