Conservative party whip Greg Hands has been named as chief secretary to the Treasury, replacing Liberal Democrat Danny Alexander.
Hands has served in the Tory whip office since 2011, but was handed his new role as part of today’s Cabinet reshuffle.
As chief secretary, Hands will be the second most senior MP in the Treasury, responsible for spending reviews and public sector pay and pensions.
The move represents a substantial promotion for the Chelsea and Fulham MP, who has been in Parliament since 2005.
In opposition, Hands sat in select committees overseeing the office of deputy prime minister, and communities and local government.
Prior to his time in Parliament, Hands spent eight years working in banking in London and New York.
Re-elected last week, Hands secured a slightly diminished majority of 39.8 per cent, down from 42 per cent in the 2010 election.