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Javid replaces Clark as financial secretary to the Treasury
by Michelle Abrego on Oct 07, 2013 at 13:00
Sajid Javid has been promoted to be financial secretary to the Treasury replacing Greg Clark who has been made minister of state for cities and constitution.
Javid (pictured) was previously economic secretary to the Treasury, a role which will be taken by Nicky Morgan, MP for Loughborough.
Mike Penning has been made a minister of state at the Department for Work and Pensions (DWP).
Last September, Clark was appointed financial secretary to the Treasury replacing Mark Hoban who was made employment minister.
Hoban has also been replaced, by former disabilities minister Esther McVey.
Hoban has not been appointed to another a ministerial position in this reshuffle.
According to the BBC Hoban said that after 12 years on the front benches today was ‘not his finest day’ but that he was ‘looking forward to having the freedom to express himself in speeches’.
Javid became economic secretary to the Treasury in 2012 and formerly sat on the work and pensions committee in 2010.
During his time as economic secretary to the Treasury, Javid proposed to scrap rebate taxes for overseas investors in a bid to boost the competitiveness of asset management in the UK.
He also dismissed calls for a single pension regulator saying the DWP would not review the regulation of pensions until 2014 at the earliest.
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