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Financial Secretary to the Treasury

Junior minister in the British Treasury


Junior minister in the British Treasury

FieldValue
postUnited Kingdom
Financial Secretary to the Treasury
insigniaCoat of arms of the United Kingdom (2022, lesser arms).svg
insigniacaptionRoyal Arms of His Majesty's Government
departmentHis Majesty's Treasury
imageSpencer Livermore, Baron Livermore (cropped).jpg
incumbentLord Livermore
incumbentsince8 July 2024
nominatorPrime Minister
appointerThe King
(on the advice of the Prime Minister)
termlengthAt His Majesty's pleasure
inauguralThomas Harley
formation11 June 1711
website
reports_toFirst Lord of the Treasury
Chancellor of the Exchequer & Second Lord of the Treasury

Financial Secretary to the Treasury (on the advice of the Prime Minister) Chancellor of the Exchequer & Second Lord of the Treasury

The financial secretary to the Treasury is a mid-level ministerial post in HM Treasury. It is nominally the fifth most significant ministerial role within the Treasury after the first lord of the Treasury, the chancellor of the Exchequer, the chief secretary to the Treasury, and the paymaster general. However, the role of First Lord of the Treasury is always held by the prime minister who is not a Treasury minister, and the position of Paymaster General is a sinecure often held by the Minister for the Cabinet Office to allow the holder of that office to draw a government salary. In practice it is, therefore, the third most senior Treasury minister and has attended Cabinet in the past.

The current holder of the position is Lord Livermore, who was appointed by Prime Minister Keir Starmer following the Labour Party’s victory in the 2024 General Election. The position is shadowed by the shadow financial secretary to the treasury.

History

The role of Financial Secretary to the Treasury was created in 1711 and was known as the Junior Secretary to the Treasury to help deal with the increasing workload of the Senior Secretary to the Treasury. The first Junior Secretary to the Treasury is recorded as Thomas Harley who was appointed on 11 June 1711. The position has continued without any major interruption to the present day. Initially when the position of Senior Secretary to the Treasury became vacant not as the result of an election of change of government the Junior Secretary was usually automatically promoted to the senior role. Over time however, the roles of the Senior and Junior Secretaries began to diverge with the Senior Secretary post being used as a sinecure post for the Chief Whip, with no formal responsibilities to the Treasury. The Junior Secretary however remained a substantive position working in the Treasury. As such the Senior Secretary became known as the 'Parliamentary Secretary to the Treasury' while the Junior Secretary became known as the 'Financial Secretary to the Treasury' and the 'automatic' promotion from Junior to Senior ceased. While the exact date this change occurred is disputed it is agreed that by 1830 the distinction was complete.

In 1923 Sir William Joynson-Hicks became the–to date–only financial secretary to serve in the Cabinet due to the Prime Minister, Stanley Baldwin, also concurrently serving as Chancellor of the Exchequer.

In May 2010 as part of the ministerial reorganisation by the First Cameron ministry, the financial secretary was given the additional semi-official title of City Minister. This position was retained until April 2014 when following the promotion of Sajid Javid to Secretary of State for Culture, Media and Sport the portfolio of City Minister was moved from the financial secretary to the Treasury to the economic secretary of the Treasury.

Appointment to the position of Financial Secretary to the Treasury is often considered an important stepping stone in a politician's career; six of the ten most recent holders of the office have gone on to hold Cabinet-level positions.

Notable former financial secretaries to the Treasury include Lord Frederick Cavendish, Austen Chamberlain, Stanley Baldwin, Enoch Powell, Nigel Lawson, and Norman Lamont.

Current role

The current responsibilities of the financial secretary to the Treasury include departmental responsibility for the Office for National Statistics, and the Royal Mint. The financial secretary to the Treasury had departmental responsibility for HM Customs & Excise until the merger with the Inland Revenue to form HM Revenue & Customs.

List of financial secretaries to the Treasury since 1830

:see Secretary to the Treasury for earlier incumbents

Colour key (for political parties):

Financial SecretaryTerm of officePolitical partyPrime MinisterChancellor
Whigs (British political party)}}"[[File:1stBaronMonteagle.jpg60px]]Thomas Spring Rice26 November 18306 June 1834
Whigs (British political party)}}"[[File:Francis Baring, 1st Baron Northbrook by Sir George Hayter.jpg60px]]Francis Baring6 June 183414 November 1834
Whigs (British political party)}}"Viscount Melbourne
Office not in use15 November 1834 – 19 December 1834Tories (British political party)}}"Duke of Wellington
(Caretaker)Lord Denman
LCJ (interim)
Tory Party (UK)}}"[[File:1st Baron Cottesloe (cropped).png80x80px]]Thomas Fremantle20 December 1834April 1835
Whigs (British political party)}}"[[File:Francis Baring, 1st Baron Northbrook by Sir George Hayter.jpg60px]]Francis Baring21 April 183526 August 1839
Whigs (British political party)}}"[[File:Blank.png60px]]Robert Gordon6 September 18391841
Whigs (British political party)}}"[[File:Governors of Malta - Sir Richard More O'Farrall (1847-1851) (cropped).jpg80x80px]]Richard More O'Ferrall9 June 184130 August 1841
Conservative Party (UK)}}"[[File:Blank.png60px]]George Clerk8 September 18411845
Conservative Party (UK)}}"[[File:1stViscountCardwell.jpg60px]]Edward Cardwell4 February 184529 June 1846
Whigs (British political party)}}"[[File:Blank.png60px]]John Parker7 July 18461849
Whigs (British political party)}}"[[File:Blank.png60px]]William Goodenough Hayter22 May 18491850
Whigs (British political party)}}"[[File:Sir George Cornewall Lewis, 2nd Bt.jpg60px]]George Cornewall Lewis9 July 18501852
Conservative Party (UK)}}"[[File:Gahamilton.jpg60px]]George Alexander Hamilton2 March 18521852
Whigs (British political party)}}"[[File:James Wilson by Sir John Watson-Gordon.jpg60px]]James Wilson5 January 185319 February 1858
Whigs (British political party)}}"Viscount PalmerstonLewis
Conservative Party (UK)}}"[[File:Gahamilton.jpg60px]]George Alexander Hamilton2 March 18581859
Conservative Party (UK)}}"[[File:Stafford Northcote, 1st Earl of Iddesleigh.jpg60px]]Stafford Northcote21 January 18591859
Liberal Party (UK)}}"[[File:Pieter Van Havermaet - Portrait of Samuel Laing, Chairman, London Brighton & South Coast Railway (cropped).jpg80x80px]]Samuel Laing24 June 18591860
Liberal Party (UK)}}"[[File:Frederick Peel, Vanity Fair, 1903-12-17 (cropped).jpg80x80px]]Frederick Peel2 November 18601865
Liberal Party (UK)}}"[[File:Hugh Childers, Lock & Whitfield woodburytype, 1876-83 crop.jpg60px]]Hugh Childers19 August 186526 June 1866
Liberal Party (UK)}}"Earl Russell
Conservative Party (UK)}}"[[File:George Ward Hunt (30 July 1825 – 29 July 1877) .jpg60px]]George Ward Hunt14 July 186629 February 1868
Conservative Party (UK)}}"[[File:George Sclater-Booth, Vanity Fair, 1874-08-08.jpg60px]]George Sclater-Booth4 March 18681 December 1868
Liberal Party (UK)}}"[[File:Acton Smee Ayrton, Vanity Fair, 1869-10-23.jpg60px]]Acton Smee Ayrton9 December 18681869
Liberal Party (UK)}}"[[File:James Stansfeld.JPG60px]]James Stansfeld2 November 18691871
Liberal Party (UK)}}"[[File:William Edward Baxter00.jpg60px]]William Edward Baxter17 March 187111 August 1873
Liberal Party (UK)}}"[[File:John George Dodson, 1st Baron Monk Bretton.jpg60px]]John Dodson11 August 18731874
Conservative Party (UK)}}"[[File:William Henry Smith (1825–1891).jpg60px]]William Henry Smith21 February 18741877
Conservative Party (UK)}}"[[File:Frederick Arthur Stanley.jpg60px]]Frederick Stanley14 August 18771878
Conservative Party (UK)}}"[[File:Henry John Selwyn-Ibbetson.JPG75x75px]]Henry Selwin-Ibbetson2 April 187821 April 1880
Liberal Party (UK)}}"[[File:Cavendish, Lord Frederick Charles (1836-1882), by John D. Miller, pubd 1883 (after Sir William Blake Richmond, exh. RA 1874) (cropped).jpg60px]]Lord Frederick Cavendish28 April 18801882
Liberal Party (UK)}}"[[File:1stLordCourteney.jpg60px]]Leonard Courtney6 May 188212 December 1884
Childers
Liberal Party (UK)}}"[[File:John Tomlinson Hibbert.jpg60px]]J. T. Hibbert12 December 18849 June 1885
Conservative Party (UK)}}"[[File:Knutsford1.JPG60px]]Henry Holland24 June 18851885
Conservative Party (UK)}}"[[File:Matthew White Ridley sketch.jpg60px]]Matthew White Ridley18851886
Conservative Party (UK)}}"[[File:William Lawies Jackson (cropped).JPG80x80px]]William Jackson188628 January 1886
Liberal Party (UK)}}"[[File:Portrait of Henry Fowler, 1st Viscount Wolverhampton.jpg60px]]Henry Fowler6 February 188620 July 1886
Conservative Party (UK)}}"[[File:William Lawies Jackson (cropped).JPG80x80px]]William Jackson3 August 18861891
Viscount Goschen
Conservative Party (UK)}}"[[File:John Eldon Gorst.jpg60px]]John Eldon Gorst9 November 189111 August 1892
Liberal Party (UK)}}"[[File:John Tomlinson Hibbert.jpg60px]]J. T. Hibbert18 August 189222 June 1895
Liberal Party (UK)}}"Earl of Rosebery
Conservative Party (UK)}}"[[File:Robert Hanbury.JPG60px]]Robert William Hanbury29 June 18951900
Liberal Unionist Party}}"[[File:Austen Chamberlain nobel.jpg60px]]Austen Chamberlain7 November 190011 August 1902
Conservative Party (UK)}}"Balfour
(Unionist Coalition)
Conservative Party (UK)}}"[[File:William Hayes Fisher, 1st Baron Downham.jpg60px]]William Fisher11 August 1902April 1903
Conservative Party (UK)}}"[[File:Arthur Elliott.png60px]]Arthur Elliot10 April 19039 October 1903
Conservative Party (UK)}}"[[File:GG Duke of Devonshire.jpg60px]]Victor Cavendish9 October 19035 December 1905
Liberal Party (UK)}}"[[File:Reginald McKenna photo.jpg60px]]Reginald McKenna12 December 190523 January 1907
Liberal Party (UK)}}"[[File:1905 Walter Runciman.jpg60px]]Walter Runciman29 January 19071908
Liberal Party (UK)}}"[[File:Charles Hobhouse 2.jpg60px]]Charles Hobhouse12 April 19081911
Liberal Party (UK)}}"[[File:Thomas Mackinnon Wood.jpg60px]]Thomas McKinnon Wood23 October 191113 February 1912
Liberal Party (UK)}}"[[File:1906 Charles Masterman.jpg60px]]Charles Masterman
MP for Bethnal Green South West13 February 191211 February 1914
Liberal Party (UK)}}"[[File:Edwin Samuel Montagu.jpg60px]]Edwin Montagu
MP for Chesterton11 February 19143 February 1915
Liberal Party (UK)}}"[[File:Francis Dyke Acland.jpg60px]]Francis Dyke Acland
MP for Camborne3 February 191525 May 1915
Liberal Party (UK)}}"[[File:Edwin Samuel Montagu.jpg60px]]Edwin Montagu
MP for Chesterton26 May 19159 July 1916
Liberal Party (UK)}}"[[File:Thomas Mackinnon Wood.jpg60px]]Thomas McKinnon Wood
MP for Glasgow St Rollox9 July 19165 December 1916
National Government (United Kingdom)}}"[[File:Hardman Lever 1917.jpg60px]]Hardman Lever
Baronet15 December 191619 May 1919
Conservative Party (UK)}}"[[File:Stanley Baldwin ggbain.35233.jpg60px]]Stanley Baldwin
MP for Bewdley18 June 1917
1 April 1921
Liberal Party (UK)}}"[[File:Lord Kennet.jpg60px]]Hilton Young
MP for Norwich21 April 192119 October 1922
Conservative Party (UK)}}"[[File:John Waller Hills.jpg60px]]John Hills
MP for City of Durham6 November 19221923
Conservative Party (UK)}}"[[File:Archibald Boy-Carpenter.jpg60px]]Archibald Boyd-Carpenter
MP for Bradford North12 March 1923May 1923
Conservative Party (UK)}}"[[File:Viscount Brentford.jpg60px]]William Joynson-Hicks
MP for Twickenham25 May 192327 August 1923
Conservative Party (UK)}}"[[File:Walter Guinness, 1st Baron Moyne.png60px]]Walter Guinness
MP for Bury St Edmunds5 October 19231923
Labour Party (UK)}}"[[File:Willie Graham.jpg60px]]William Graham
MP for Edinburgh Central23 January 19244 November 1924
Conservative Party (UK)}}"[[File:Walter Guinness, 1st Baron Moyne.png60px]]Walter Guinness
MP for Bury St Edmunds11 November 19245 November 1925
Conservative Party (UK)}}"[[File:Ronald McNeill, 1st Baron Cushendun.jpg60px]]Ronald McNeill
MP for Canterbury5 November 19251 November 1927
Conservative Party (UK)}}"[[File:Arthur Michael Samuel, 1st Baron Mancroft.jpg79x79px]]Arthur Samuel
MP for Farnham1 November 19275 June 1929
Labour Party (UK)}}"[[File:British Political Personalities 1936-1945 HU59768.jpg60px]]Frederick Pethick-Lawrence
MP for Leicester West11 June 1929August 1931
Unionist Party (Scotland)}}"[[File:Walter Elliott MP.jpg60px]]Walter Elliot
MP for Glasgow Kelvingrove24 August 193129 September 1932
MacDonald
(Second National ministry)N. Chamberlain
National Liberal Party (UK, 1931)}}"[[File:Leslie Hore.jpg60px]]Leslie Hore-Belisha
MP for Plymouth Devonport29 September 193229 June 1934
Conservative Party (UK)}}"[[File:Duff Cooper MP (cropped).jpg60px]]Duff Cooper
MP for Westminster St George's29 June 193422 November 1935
Conservative Party (UK)}}"Baldwin
(Third National ministry)
Conservative Party (UK)}}"[[File:Lord Dunrossil-02.jpg60px]]William Morrison
MP for Cirencester and Tewkesbury22 November 193529 October 1936
Unionist Party (Scotland)}}"[[File:Blank.png60px]]John Colville
MP for Midlothian and Peebles Northern29 October 19361938
Conservative Party (UK)}}"N. Chamberlain
(Fourth National ministry)Simon
Conservative Party (UK)}}"[[File:Euan Wallace.jpg60px]]Euan Wallace
MP for Hornsey16 May 193821 April 1939
Conservative Party (UK)}}"[[File:Harrycrookshank.jpg60px]]Harry Crookshank
MP for Gainsborough21 April 19397 February 1943
Conservative Party (UK)}}"N. Chamberlain
(War)
Conservative Party (UK)}}"Churchill
(War)Wood
Conservative Party (UK)}}"[[File:Blank.png60px]]Ralph Assheton
MP for Rushcliffe7 February 194329 October 1944
Anderson
Conservative Party (UK)}}"[[File:Blank.png60px]]Osbert Peake
MP for Leeds North29 October 194426 July 1945
Churchill
(Caretaker)
Labour Party (UK)}}"[[File:William Glenvil Hall 1951.jpg80x80px]]William Glenvil Hall
MP for Colne Valley4 August 19452 March 1950
Cripps
Labour Party (UK)}}"[[File:Blank.png60px]]Douglas Jay
MP for Battersea North2 March 195026 October 1951
Gaitskell
Conservative Party (UK)}}"[[File:Blank.png60px]]John Boyd-Carpenter
MP for Kingston-upon-Thames30 October 195128 July 1954
Conservative Party (UK)}}"[[File:Henry Brooke 1950.jpg81x81px]]Henry Brooke
MP for Hampstead28 July 1954January 1957
Conservative Party (UK)}}"Eden
Macmillan
Conservative Party (UK)}}"[[File:Encoch Powell 7 Allan Warren.jpg60px]]Enoch Powell
MP for Wolverhampton South West14 January 195715 January 1958
Conservative Party (UK)}}"[[File:Blank.png60px]]Jack Simon
MP for Middlesbrough West15 January 195822 October 1959
Conservative Party (UK)}}"[[File:Blank.png60px]]Edward Boyle
MP for Birmingham Handsworth22 October 195916 July 1962
Lloyd
Conservative Party (UK)}}"[[File:Anthony Barber, 1973 (cropped).tif80x80px]]Anthony Barber
MP for Doncaster16 July 196220 October 1963
Conservative Party (UK)}}"[[File:Blank.png60px]]Alan Green
MP for Preston South23 October 196316 October 1964
Labour Party (UK)}}"[[File:1989 International Commission of Jurists uitreiking 4 (cropped).jpg79x79px]]Niall MacDermot
MP for Derby North21 October 196429 August 1967
Labour Party (UK)}}"[[File:Blank.png60px]]Harold Lever
MP for Manchester Cheetham29 August 196713 October 1969
Jenkins
Labour Party (UK)}}"[[File:official portrait of Lord Taverne crop 2.jpg60px]]Dick Taverne
MP for Lincoln13 October 196919 June 1970
Conservative Party (UK)}}"[[File:Blank.png60px]]Patrick Jenkin
MP for Wanstead and Woodford19 June 19707 April 1972
Barber
Conservative Party (UK)}}"[[File:Official portrait of Lord Higgins crop 2.jpg60px]]Terrence Higgins
MP for Worthing7 April 19724 March 1974
Labour Party (UK)}}"[[File:Blank.png60px]]John Gilbert
MP for Dudley East8 March 197417 June 1975
Labour Party (UK)}}"[[File:Blank.png60px]]Robert Sheldon
MP for Ashton under Lyne17 June 19754 May 1979
Labour Party (UK)}}"Callaghan
Conservative Party (UK)}}"[[File:Official portrait of Lord Lawson of Blaby crop 2.jpg60px]]Nigel Lawson
MP for Blaby4 May 197914 September 1981
Conservative Party (UK)}}"[[File:Blank.png60px]]Nicholas Ridley
MP for Cirencester and TewkesburySeptember 198111 June 1983
Conservative Party (UK)}}"[[File:Mr John Moore M.P. addressing the Annual LSE Society Dinner, 5th June, 1985.jpg60px]]John Moore
MP for Croydon Central19 October 198321 May 1986
Conservative Party (UK)}}"[[File:Norman LAMONT (cropped).jpg80x80px]]Norman Lamont
MP for Kingston-upon-Thames21 May 198624 July 1989
Conservative Party (UK)}}"[[File:Official portrait of Lord Lilley crop 2.jpg60px]]Peter Lilley
MP for St Albans24 July 198914 July 1990
Major
Conservative Party (UK)}}"[[File:Lord Henry PLUMB EP President with Francis MAUDE (cropped).jpg80x80px]]Francis Maude
MP for North Warwickshire14 July 19909 April 1992
Conservative Party (UK)}}"[[File:Stephen dorrell mp -nhs confederation annual conferencepercent2c manchester-11july2011 - crop.jpg60px]]Stephen Dorrell
MP for Loughborough11 April 199211 July 1994
Clarke
Conservative Party (UK)}}"[[File:Official portrait of Lord Young of Cookham, 2020.jpg60px]]George Young
MP for Ealing Acton11 July 19945 July 1995
Conservative Party (UK)}}"[[File:Michael Jack CBE.png60px]]Michael Jack
MP for Fylde5 July 19952 May 1997
Labour Party (UK)}}"[[File:Dawn Primarolo.jpg90x90px]]Dawn Primarolo
MP for Bristol South2 May 19974 January 1999
Labour Party (UK)}}"[[File:Blank.png60px]]Barbara Roche
MP for Hornsey and Wood Green4 January 199929 July 1999
Labour Party (UK)}}"[[File:Stephen Timms portrait.jpg90x90px]]Stephen Timms
MP for East Ham29 July 19998 June 2001
Labour Party (UK)}}"[[File:Official portrait of Lord Boateng crop 2.jpg80x80px]]Paul Boateng
MP for Brent South8 June 2001May 2002
Labour Party (UK)}}"[[File:Ruth Kelly official portrait.jpg78x78px]]Ruth Kelly
MP for Bolton WestMay 20029 September 2004
Labour Party (UK)}}"[[File:Official portrait of Stephen Timms crop 2.jpg80x80px]]Stephen Timms
MP for East Ham12 September 20046 May 2005
Labour Party (UK)}}"[[File:John Healey (cropped).jpg79x79px]]John Healey
MP for Wentworth6 May 200528 June 2007
Labour Party (UK)}}"[[File:Jane Kennedy.jpg60px]]Jane Kennedy
MP for Liverpool Wavertree28 June 20075 October 2008
Labour Party (UK)}}"[[File:Official portrait of Rt Hon Stephen Timms MP crop 2.jpg60px]]Stephen Timms
MP for East Ham5 October 200811 May 2010
Conservative Party (UK)}}"[[File:Mark Hoban MP speaking at 'Improving Employment Outcomes' (cropped).jpg60px]]Mark Hoban
MP for Fareham13 May 20104 September 2012
Conservative Party (UK)}}"[[File:Greg Clark, Minister for Universities and Science.jpg60x60px]]Greg Clark
MP for Tunbridge Wells4 September 20127 October 2013
Conservative Party (UK)}}"[[File:Sajid Javid (cropped).jpg71x71px]]Sajid Javid
MP for Bromsgrove7 October 20139 April 2014
Conservative Party (UK)}}"[[File:Nicky Morgan, Secretary of State for Education, delivering a speech at Policy Exchange (22745123405) (cropped).jpg80x80px]]Nicky Morgan
MP for Loughborough9 April 201415 July 2014
Conservative Party (UK)}}"[[File:Official portrait of Mr David Gauke crop 2.jpg60px]]David Gauke
MP for South West Hertfordshire15 July 201414 July 2016
Cameron
(II)
Conservative Party (UK)}}"[[File:Jane Ellison MP.jpg60px]]Jane Ellison
MP for Battersea15 July 20169 June 2017
Conservative Party (UK)}}"[[File:Official portrait of Mel Stride crop 2.jpg80x80px]]Mel Stride
MP for Central Devon12 June 201723 May 2019
Conservative Party (UK)}}"[[File:Official portrait of Rt Hon Jesse Norman MP crop 2.jpgframeless81x81px]]Jesse Norman
MP for Hereford and South Herefordshire23 May 201916 September 2021
Conservative Party (UK)}}"JohnsonJavid
Sunak
Conservative Party (UK)}}"[[File:Official portrait of Lucy Frazer MP crop 2.jpgframeless81x81px]]Lucy Frazer
MP for South East Cambridgeshire16 September 20217 September 2022
Zahawi
Conservative Party (UK)}}"[[File:Portrait of Andrew Griffith (cropped) 2.pngframeless81x81px]]Andrew Griffith
MP for Arundel and South Downs8 September 202227 October 2022
Hunt
Conservative Party (UK)}}"[[File:Victoria Atkins Official Cabinet Portrait, November 2023 (cropped).jpgframeless81x81px]]Victoria Atkins
MP for Louth and Horncastle27 October 202213 November 2023
Conservative Party (UK)}}"[[File:Official portrait of Nigel Huddleston MP crop 2, 2024.jpgframeless81x81px]]Nigel Huddleston
MP for Mid Worcestershire13 November 20235 July 2024
Labour Party (UK)}}"[[File:Spencer Livermore, Baron Livermore (cropped) (cropped).jpgframeless81x81px]]Lord Livermore8 July 2024Incumbent

Note 1. Between June 1917 and May 1919 Lever and Baldwin jointly held the position of Financial Secretary. Note 2. As Baldwin was both Prime Minister and Chancellor of the Exchequer Joynson-Hicks was a member of the Cabinet.

References

References

  1. "The Guardian".
  2. "Secretaries 1660-1870". British History Online.
  3. (10 April 2014). "Andrea Leadsom MP appointed new City Minister for HMT". Tech UK.
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