Lucy Rigby reappointed as City minister after Treasury reshuffle

Lucy Rigby has been reappointed as City minister following a stint as Chief Secretary to the Treasury.

Rigby, who previously held the role under Keir Starmer, was moved from her cabinet position by Prime Minister Burnham. She will now return to the dual brief of Economic Secretary to the Treasury and City minister.

The former lawyer served in the position for nearly nine months before taking over as Chief Secretary to the Treasury in May, during the reshuffle that followed Wes Streeting's resignation.

Treasury Reshuffle

Rigby's appointment is the latest in a major Treasury shake-up. Burnham promoted Angela Eagle to Environment Secretary and moved Emma Reynolds—herself a former City minister—to become Chief Secretary to the Treasury.

Number 10 has not yet confirmed whether Torsten Bell will remain as Pensions Minister, or whether Dan Tomlinson will continue as the minister overseeing tax.

Rachel Blake, the MP for Cities of London and Westminster, has left the government.

Rigby's Track Record

Rigby proved to be a popular Labour figure among City investors while also earning the trust of Starmer, who included her on his state visit to China earlier this year.

As City minister in the previous government, she introduced a new tax holiday for stamp duty on shares for newly listed companies and sought to celebrate IPOs despite the UK's struggling capital markets.

Further Treasury Changes

Burnham opted largely to appoint Treasury ministers who had previously served in the department. John Healey, who took over as Chancellor from Rachel Reeves, was a minister in the department during the premierships of Tony Blair and Gordon Brown.

Murray, who served as Tax Minister before becoming Chief Secretary to the Treasury, is now Financial Secretary to the Treasury and Paymaster General.

The Financial Secretary to the Treasury—also referred to as the Growth Minister—is responsible for overseeing regional growth and supporting the British Business Bank, as well as the National Wealth Fund. Murray will take over from Lord Spencer Livermore, a close ally of Reeves.

The government also confirmed that Lord Jason Stockwood, former director of match.com and chief executive of Simply Business, will no longer serve as Investment Minister.