Former AXA employee to become Economic Secretary

MP takes key position as part of shake-up of UK Government

Former AXA employee to become Economic Secretary

Insurance News

By Terry Gangcuangco

Steve Barclay, the Conservative MP for North East Cambridgeshire, has been appointed by Theresa May as economic secretary to the treasury.

A report by The Telegraph said Barclay succeeds Simon Kirby, “who lost his seat in last week’s election and who was criticised in the Square Mile for lacking experience and knowledge of the financial services.”

It noted that Barclay is likely to be tasked with liaising between the Government and the financial services industry, “as the City braces for the UK to start negotiating its departure from the EU.”

According to the report, Barclay qualified as a solicitor and worked at AXA before moving to the old regulatory body, the Financial Services Authority. He also served as head of anti-money laundering and sanctions at Barclays.

“In March, his predecessor Mr Kirby lost the brief of working with City firms on Brexit, a job that was switched to Baroness Lucy Neville-Rolfe, the then-commercial secretary. However, she announced that she had left the Government on Tuesday,” added the report.

Barclay was first elected to Parliament in 2010 and has been a member of the Public Accounts Committee.

Contains public sector information licensed under the Open Government Licence v3.0

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