Tulip Siddiq has been appointed city minister, the minister responsible for overseeing the financial services sector, Bloomberg News reported on Tuesday.
Labour won a thumping election victory last week, propelling Keir Starmer to power as prime minister. Siddiq, 41, retained her seat at Hampstead and Highgate.
She has led Labour's efforts to develop policies for the financial services industry, known as 'the City' after the City of London financial district, since 2021.
Her appointment has not been formally announced by the government.
In May she told the Financial Times that Labour would push the market regulator Financial Conduct Authority to do more to remove barriers to competitiveness and growth.
New finance minister Rachel Reeves on Monday launched a new "national mission" to drive economic growth, setting out plans to increase housebuilding, unblock infrastructure projects and attract private investment.
Siddiq would succeed Bim Afolami, a former HSBC banker who held the role under the previous Conservative government. (Reuters)
Devotees and visitors admire the annakut during the event
