Former Barclays Lawyer Named U.K. Treasury's Economic Secretary

  • Stephen Barclay worked in anti-money laundering for Barclays
  • Role typically involves liaising with financial industry

U.K. Prime Minister Theresa May named Stephen Barclay to serve as the Treasury’s economic secretary, a role which typically encompasses managing the government’s relations with the financial industry.

A lawyer by training, Barclay was first elected to Parliament in 2010. Prior to entering politics he was a director of regulatory affairs and then head of anti-money laundering at Barclays Bank Plc’s retail bank. He also worked at the Financial Services Authority.

Barclay replaces Simon Kirby, who lost his seat in last week’s election. While Kirby initially had the role of overseeing the impact of Brexit on financial services, that responsibility was handed to Lucy Neville-Rolfe in March. Neville-Rolfe, a member of the House of Lords, left the government this week.

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