The minister is responsible for the British financial services sector, which is commonly known as "the City".

The term "City Minister" was first used as a nickname for the position of Financial Services Secretary to the Treasury which was created by Gordon Brown upon coming to office in October 2008.

[3][4] In May 2010 as part of the ministerial reorganisation by the Cameron Government the position of Financial Services Secretary to the Treasury was abolished.

[5] Following the 2017 snap general election, City Minister Simon Kirby lost his seat and was succeeded by Steve Barclay.

Following Liz Truss becoming Prime Minister, although Richard Fuller retained his position as Economic Secretary to the Treasury, the City Minister brief was removed from him and returned to the Financial Secretary to the Treasury.