After being defeated in the most recent general election, a former deputy prime minister for the Conservative Party submitted an application to work in the Treasury department of the Labour Party.
Furthermore, Thérèse Coffey served as the health secretary for a period of time and was considered to be one of Liz Truss’s most ardent allies throughout her tenure as prime minister.
According to the Telegraph, Coffey is one of more than two hundred former Conservative members of parliament who are pursuing new careers after Labour’s overwhelming election victory cost them their seats. Coffey has submitted an application to become the director of the European Bank for Reconstruction and Development (EBRD) in the United Kingdom sector.
Rachel Reeves, the chancellor, who has been quite critical of Truss’s leadership and the Conservatives who supported her, is ultimately responsible for deciding who gets the job. The candidate who will be given the director-level appointment will work under her supervision.
Coffey submitted his application for the position that the Treasury Department had advertised on LinkedIn in July. The advertising stated that the position would involve “representing the United Kingdom and promoting the United Kingdom’s interests at the European Bank for Reconstruction and Development board in a credible and effective manner.”
As part of the compensation package, the selected candidate would be required to collaborate with Treasury policy teams and the Foreign Office in order to “devise and implement a proactive strategic agenda for UK priorities.” The yearly remuneration for this position is 183,400 pounds.
Coffey, on the other hand, was not successful. “It was an interesting role,” she said in an interview with the Telegraph. I had the idea to apply because of my previous experience working for the government on foreign projects. These are the kinds of banks that I have worked with in the past.
Under a Labour government, it is quite unusual for a prominent Conservative to submit an application for a position of this nature. During the course of her political career, Coffey worked in a variety of capacities, including as the deputy leader of the House of Commons. She also served on the committee that oversees culture, media, and sports until she was recruited to the position of parliamentary private secretary to Michael Fallon, who was holding the position of business minister at the time.
The European Bank for Reconstruction and Development (EBRD) is a development bank that was established in 1991 and provides loans to businesses. 73 nations own it, including the United Kingdom, which also provides funding for it.
Reeves is, in effect, the senior representative for the United Kingdom, and each of the 73 countries has its own delegate attending the meeting.
budgets After Truss’s disastrous mini-budget for 2022, Reeves handed the Office for Budget Responsibility’s (OBR) new powers last month to prevent any future government from ignoring its estimates when making any major announcements regarding taxation or spending. This was done in order to prevent any future mini-budgets of the same disastrous nature.
As part of her 45-day tenure as prime minister, Truss made the announcement in September 2022 that she would be implementing unfunded tax cuts of £45 billion. This shocked the financial markets and caused mortgage rates to skyrocket.
When interest rates were lowered earlier this month, Reeves expressed his satisfaction with the news, but he also cautioned that “millions of people are still paying higher mortgage rates.”
In accordance with Rishi Sunak’s dissolution honours list, which was announced a little over an hour before the polls closed for the general election, Coffey was elevated to the designation of dame.
Jennifer Riddell-Carpenter, a member of the Labour Party, replaced the former member of parliament for Suffolk Coastal.