Following Thursday’s General Election, David Cameron has announced his new Ministerial team. Key appointments include:
- George Osborne has been re-appointed as Chancellor of the Exchequer
- Sajid Javid has been appointed as the new Secretary of State for Business
- Ex-Defence Minister Anna Soubry has been appointed as Small Business Minister
- Harriet Baldwin replaces Andrea Leadsom as the Economic Secretary to the Treasury (City Minister)
- Greg Hands has been appointed as Chief Secretary to the Treasury
- Michael Gove has been appointed as Justice Secretary and Lord Chancellor
- Jeremy Hunt remains in post as Health Secretary
The legislative programme is expected to be announced on 27 May, however the key points to take from the Conservative Party’s manifesto are:
- “Make sure our financial services industry is the best regulated in the world with our new system of supervision led by the independent Bank of England. Our new Financial Policy Committee will monitor and control the growth of indebtedness and imbalances across the whole economy. Our tough new Financial Conduct Authority will protect consumers and ensure that financial markets work for the benefit of the whole economy.”
- Keep the bank levy in place and restrict established banks’ ability to pay less tax by offsetting their profits against past losses.
- Continue the successful Funding for Lending scheme into 2016.
- “Help new and existing challenger banks to inject fresh competition into the market for personal current accounts, mortgages and business loans, including through the British Business Bank, while backing the financial technology revolution.”
- Set a “new, significantly higher, permanent level for the Annual Investment Allowance.”