It ranks at Parliamentary Secretary level and the holder does not attend Cabinet.

Although the Department of Economic Affairs closed in 1969, the Treasury post was not re-established until 11 November 1981.

From April 2014 to September 2022, and since October 2022, the office of Economic Secretary to the Treasury has been held concurrently with the portfolio of 'City Minister'.

[1] The Economic Secretary is responsible, though more senior ministers share in decision-making, for the answering of written and verbal parliamentary questions and for the devising of regulations, orders and legislation in various matters.

In addition, the Economic Secretary, until September 2002, advised on economic policy and continues to work with other Treasury ministers on the Comprehensive Spending Review and finance bills.