Menace of latest Treasury lobbying row as prime official Braddick quits to hitch Barclays | Enterprise Information

The Treasury dangers turning into engulfed in a contemporary lobbying row after one in every of its prime civil servants give up to take an govt publish at Barclays.

Sky Information has realized that Katharine Braddick has tendered her resignation because the Treasury’s director-general for monetary providers – a job she has held since 2016.

A senior banking business supply mentioned on Monday that she had accepted a job as director of public coverage at Barclays, a brand new place at one of many UK’s greatest banks.

At Barclays, Ms Braddick would anticipate to be paid a number of occasions her earnings as a Whitehall official

Ms Braddick’s appointment at Barclays will likely be topic to approval by Whitehall’s Advisory Committee on Enterprise Appointments (ACOBA), which has attracted rising scrutiny over its decision-making about whether or not former ministers and civil servants can take up new jobs.

Insiders mentioned that if it accepted Ms Braddick’s transfer, ACOBA was prone to insist on a prolonged ban on her lobbying ministers and Treasury officers.

Nevertheless, one financial institution govt expressed incredulity on Monday at the concept that Ms Braddick would be capable of carry out the position at Barclays with out searching for to affect authorities coverage.

A Treasury insider mentioned she was anticipated to go away the division at across the finish of the yr.

She had stepped away from any involvement in coverage work affecting the banking and monetary providers sectors as quickly as she resigned, the insider added.

It was unclear what different work Ms Braddick would undertake on the Treasury within the interval earlier than she left.

 Treasury building in London
Ms Braddick has been on secondment to the Treasury from the Financial institution of England for the final seven years

At Barclays, she would anticipate to be paid a number of occasions her earnings as a Whitehall official.

Technically, Ms Braddick has been on secondment to the Treasury from the Financial institution of England for the final seven years, initially as director for monetary providers.

She beforehand labored on the Affiliation of British Insurers, whereas she has extra not too long ago served because the Treasury’s member of the worldwide Monetary Stability Board.

On the Financial institution of England, she final held the title of director of prudential coverage, a key position within the framework inside which giant banks have been regulated.

Ms Braddick has earned a repute in Whitehall and the Metropolis as a formidable however constructive determine throughout her engagement with business executives on points starting from Brexit to the emergency COVID-19 mortgage schemes unveiled firstly of the pandemic.

Within the Treasury hierarchy, she occupies probably the most senior posts beneath the everlasting secretary, Tom Scholar.

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Whereas there isn’t any suggestion of any improper behaviour on the a part of Ms Braddick or Barclays, the emergence of her transfer comes at a clumsy time for the Treasury.

The UK finance ministry grew to become embroiled in an embarrassing row earlier this yr over ways utilized by the previous prime minister, David Cameron, to attempt to safe entry to COVID lending schemes for Greensill, the availability chain finance firm he suggested.

Though Treasury officers and ministers have been proven to have rejected Mr Cameron’s overtures, the disclosure of textual content messages between him and several other public figures sparked a long-running political firefight.

Ms Braddick’s potential recruitment just isn’t the primary time a senior public official has been courted by Barclays.

In 2013, Sir Hector Sants, the outgoing head of the Monetary Companies Authority, joined the financial institution, though he stayed with it for under a brief interval.

Barclays and the Treasury each declined to touch upon Monday night.

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