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Machinery of Government changes: Shareholder Executive; Digital Economy Unit; and, cities policy

This written ministerial statement confirms the following Machinery of Government changes:

Responsibility for the Shareholder Executive will transfer from the Secretary of State for Business, Innovation and Skills to the Chancellor of the Exchequer. A new government-owned company, UK Government Investments (UKGI), wholly owned by HM Treasury, will be formed to oversee the activities of both the Shareholder Executive and UK Financial Investments. This change will take place on the establishment of UKGI.

Responsibility for the Digital Economy Unit will transfer from being jointly held between the Secretary of State for Business, Innovation and Skills and the Secretary of State for Culture, Media and Sport to being the responsibility solely of the Secretary of State for Culture, Media and Sport, with policy responsibility transferring accordingly. The Unit will retain strong links with the Department for Business through the Minister for Culture and the Digital Economy, which is a joint Ministerial post. This change will be effective immediately.

Responsibility for cities policy will transfer from the Chancellor of the Duchy of Lancaster to the Secretary of State for Communities and Local Government. This change will be effective from the 1 July.