Former Barclays director appointed City minister

Parliament-UK-Government-Dusk-700.jpgPrime Minister Theresa May has appointed Stephen Barclay economic secretary to the treasury.

Barclay, an advocate of Brexit, is set to be responsible for financial services policy and the Government’s relationship with asset managers, banks and insurers, Reuters reports.

He used to work in financial regulation and financial crime prevention as director of regulatory affairs and head of anti-money laundering and sanctions at Barclays retail bank. He was a member of the public accounts committee from 2010 to 2014, became an assistant government whip under David Cameron in 2015 and was appointed Lord commissioner/Treasury Government whip under Theresa May a year later, according to his website.

Barclay’s predecessor, Simon Kirby, lost his seat in last week’s general election, although his role of overseeing the impact of Brexit on the UK’s banking sector had already been handed to Lucy Neville-Rolfe, who quit this week. Neville-Rolfe had been a junior minister in the Government departments responsible for culture and business before she was appointed commercial secretary to the Treasury in December.