Finance Minister Tulip Siddique has resigned over alleged financial ties to his aunt's political connections in Bangladesh.
In a letter to the Prime Minister, the Labor MP said that while he had “not breached the ministerial code”, it was clear that remaining in the post would be a “distraction from the work of government”. Ta. 
The Hampstead and Highgate MP added: “I have therefore decided to step down as a minister.”
Mr Siddique, who is also the city minister, last week put himself forward as the prime minister's ethics watchdog.
Prime Minister Keir Starmer received Ms Siddiq's letter with “sadness” and said ethics watchdog Sir Rory Magnus “assuredly there was no breach of the Ministerial Code and there was no evidence of financial wrongdoing on your part.” He gave it to me,” he added.
Siddique was under pressure over real estate and business deals related to her aunt, Prime Minister Sheikh Hasina. Hasina resigned in August last year after ruling the country twice in nearly 20 years.
Wycombe MP Emma Reynolds has been appointed as the Treasury's new economy secretary, while Swansea West's new MP Thorsten Bell will take over her previous role at the Department for Work and Pensions as parliamentary secretary.
John Greer, Director of Quilter Retirement Policy, added: “The appointment of Torsten Bell as Joint Parliamentary Secretary to the Treasury and Parliamentary Secretary to the Department for Work and Pensions signals Labor's intention to put pensions policy at the heart of the economic agenda.
“Mr Bell's background as an economist and his tenure as CEO of the Resolution Foundation provide him with a solid background in pensions, which is critical to the financial well-being of millions of people. It will help you understand the complexities of key sectors.”
