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Lucy Rigby returns as City minister

Created at 22 Jul · 9:50 AM1 source↑ Market-relevant
IN SHORT

Lucy Rigby has been appointed City minister again, having previously served in the role under Keir Starmer. She was moved from her cabinet role by Burnham and will now return to the dual brief of economic secretary to the Treasury and City minister.

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Who's Involved

Lucy Rigby
City minister, economic secretary to the Treasury
Keir Starmer
Leader who previously appointed Rigby as City minister
Burnham
Appointed Rigby to her new role
Angela Eagle
Promoted to environment secretary
Emma Reynolds
Moved to become chief secretary to the Treasury
John Healey
Took over as Chancellor from Rachel Reeves
Rachel Reeves
Previous Chancellor
Murray
Now financial secretary to the Treasury and paymaster general
Lord Spencer Livermore
Previous holder of Murray's new role
Lord Jason Stockwood
Former investment minister
Lucy Rigby returns as City minister

↳ Why This Matters

The reshuffling of key Treasury roles, including the reappointment of Lucy Rigby as City minister, signals potential shifts in economic policy and focus within the UK government, impacting investor confidence and the financial sector.

Key facts

  • Lucy Rigby has been appointed City minister again.
  • Rigby previously served in the role under Keir Starmer.
  • She was moved from her cabinet role by Burnham.
  • Rigby will now return to the dual brief of economic secretary to the Treasury and City minister.
  • Angela Eagle was promoted to environment secretary.
  • Emma Reynolds moved to become chief secretary to the Treasury.

Lucy Rigby has been reappointed as City minister, a role she previously held under Keir Starmer. She was moved from her position as chief secretary to the Treasury by Burnham and will now resume her dual responsibilities as economic secretary to the Treasury and City minister.

Rigby, a former lawyer, served as City minister for approximately nine months before taking on the chief secretary role in May, following Wes Streeting’s resignation. Her appointment is part of a significant reshuffle within the Treasury.

In the same shake-up, Burnham promoted Angela Eagle to environment secretary and moved Emma Reynolds, a former City minister herself, to become the new chief secretary to the Treasury. The status of Torsten Bell as pensions minister and Dan Tomlinson as the minister overseeing tax has not yet been confirmed by Number 10. Rachel Blake, the MP for Cities of London and Westminster, has departed the government.

During her previous tenure as City minister, Rigby was known for implementing a new tax holiday on stamp duty for shares of newly-listed companies and aimed to promote IPOs amidst challenges in the UK's capital markets. She was considered a popular figure among City investors and gained Starmer's trust, accompanying him on a state visit to China earlier in the year.

Burnham largely appointed Treasury ministers with prior experience in the department. John Healey, who succeeded Rachel Reeves as Chancellor, had previously served as a minister in the department during the Tony Blair and Gordon Brown governments. Murray, formerly the tax minister, is now the financial secretary to the Treasury and paymaster general, overseeing regional growth and supporting the British Business Bank and National Wealth Fund. He takes over from Lord Spencer Livermore, an ally of Reeves. Additionally, Lord Jason Stockwood, formerly director of match.com and CEO of Simply Business, will no longer serve as investment minister.

Frequently asked questions

Lucy Rigby is a politician who has been reappointed as the City minister and economic secretary to the Treasury.

Lucy Rigby was previously the chief secretary to the Treasury before being demoted back to City minister.

Burnham made the recent appointments as part of a major Treasury shake-up.

Angela Eagle was promoted to environment secretary, and Emma Reynolds moved to become chief secretary to the Treasury.

What Happens Next

01Number 10 to confirm if Torsten Bell remains pensions minister.
02Number 10 to confirm if Dan Tomlinson continues as minister overseeing tax.

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Cadence

How It Developed

Lucy Rigby has been appointed City minister again.
Rigby previously served in the role under Keir Starmer.
She was moved from her cabinet role by Burnham.
Rigby will now return to the dual brief of economic secretary to the Treasury and City minister.
Rigby previously served as City minister for nine months before becoming chief secretary to the Treasury.
Angela Eagle was promoted to environment secretary.
Emma Reynolds moved to become chief secretary to the Treasury.
Rachel Blake has left the government.

Sources

T1
Lucy Rigby back as City ministerCity AM

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