Therese Coffey: Former Tory deputy PM applied for Labour Treasury job
Former Conservative deputy prime minister Therese Coffey reportedly applied for a senior role in the Treasury under Labour.
The ex-MP – who lost her Suffolk Coastal seat at the general election among some 200 Tories who failed to secure re-election – put herself forward for the role of UK director at the European Bank for Reconstruction & Development (EBRD), the Telegraph newspaper reported.
It would be a director-level role at the department, paid £183,400 a year, which is roughly double the salary of an MP, according to the Telegraph, with the hiring process overseen by the Treasury, while Chancellor Rachel Reeves ultimately decides who is appointed.
Coffey, who also previously served as health secretary under Liz Truss’s premiership, who she was a key ally to, was not successful in her application, they added.
She told the Telegraph: “It was an interesting role. I thought I would apply given my experience in government on international work. I have dealt with these sorts of banks before.”
Coffey also previously held the work and pensions brief under Boris Johnson and served as environment secretary under Rishi Sunak, during which time she was involved with funding development banks – which could have been relevant experience for the EBRD role.
She also held corporate jobs related to mergers and acquisitions before entering politics.
The EBRD was set up in the 1990s, owned and funded by some 73 nations including the UK, to support economies in eastern Europe by providing loans to companies.
Reeves serves in the UK role on the bank’s board of governors, while Coffey has applied for one of the two UK director positions, which take a more active role in the bank’s work.
The Treasury advertised the role on LinkedIn in July, and said it would entail “representing and promoting the UK’s interests at the EBRD board in a credible and effective manner”.
A successful candidate would be paid by the bank, and work with the Treasury and Foreign Office policy teams to “devise and implement a proactive strategic agenda for UK priorities”.
The ad also stated the role “is regarded (informally) as one of the directors in HM Treasury”.
Coffey had represented Suffolk Coastal since 2010, but was narrowly beaten by Labour.