Insurance minister resigns just before scheduled appearance at Biba manifesto launch

City minister Tulip Siddiq has resigned following pressure over an anti-corruption investigation in Bangledash.

Siddiq, who was due to appear at today’s Biba manifesto launch, was named in an investigation into allegations that her family had embezzled up to £3.9m in the south Asian country.

Siddiq, whose aunt is the former prime minister of Bangledash, has denied any wrongdoing and referred herself to the standards adviser after questions were raised.

She said on social media that an ”independent review has confirmed that I have not breached the ministerial code and there is no evidence to suggest I have acted improperly”.

However, Siddiq has quit her post to avoid distraction for the government.

An independent review has confirmed that I have not breached the Ministerial Code and there is no evidence to suggest I have acted improperly.

Nonetheless, to avoid distraction for the Government, I have resigned as City Minister.

Here is my full letter to the Prime Minister. pic.twitter.com/kZeWZfEsei

— Tulip Siddiq (@TulipSiddiq) January 14, 2025

She has been replaced by Wycombe MP Emma Reynolds, who served as pensions minister prior to her new appointment.

The city minsiter is responsible for financial services policy, reform and regulation, including insurance markets.

Letter 

In her resignation letter, which was sent to prime minister Keir Starmer, Siddiq said: ”My family connections are a matter of public record and when I became a minister, I provided the full details of my relationships and private interests to the government.

”After extensive consultation with officials, I was advised to state in my declaration of interests that my aunt is the former prime minister of Bangladesh and to recuse myself from matters relating to Bangladesh to avoid any perception of a conflict of interest. I want to assure you that I acted and have continued to act with full transparency and on the advice of officials on these matters.

“However, it is clear that continuing in my role as economic secretary to the treasury is likely to be a distraction from the work of the government. My loyalty is and always will be to this Labour government and the programme of national renewal and transformation it has embarked upon. I have therefore decided to resign from my ministerial position.”