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Kitty Ussher swaps Treasury for DWP

Economic secretary to the Treasury Kitty Ussher is moving to the DWP to become a parliamentary undersecretary.

The Cabinet reshuffle undertaken by Prime Minister Gordon Brown over the weekend will see Ian Pearson take up Ussher’s former position of economic secretary in the Treasury, while ex-Gartmore chief executive Paul Myners takes up the position of financial services secretary.

Myners will be leaving his position as chairman of the Personal Accounts Delivery Authority as a result of his new appointment.

Stephen Timms leaves his position as minister of state for employment and welfare reform at the DWP to become financial secretary to the Treasury.

Mike O’Brien is leaving his role as pensions minister to take up an energy brief and will be replaced by former transport minister Rosie Winterton.


Central banks lower rates

The Bank of England is one of seven central banks to drop interest rates by 0.5 per cent as further attempts are made to stabilise the global economy.

Madness in the method

The latest Pensions Bill will become law during the autumn Parliamentary session. This makes it the fifth Pensions Act in 10 years. It follows the recommendations of the Pensions Commission in requiring employers to enrol their employees in a pension scheme. This can include a personal account.


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