Overview

• Torsten Bell, the pensions minister and former Resolution Foundation chief, has been handed a leading role in preparing Rachel Reeves’ next Budget and additional responsibility for economic policy.
• Katie Martin takes on business relations, Ben Nunn becomes director of communications and strategy, Matt Pound becomes political director, and Neil Foster is appointed special adviser focused on party and union links.
• Treasury aides say the November Budget will prioritise productivity and ‘rewarding contribution’, with officials braced for an OBR productivity downgrade that economists say could leave a funding gap of about £20bn.
• Treasury sources stress Spencer Livermore remains the chancellor’s closest ministerial colleague, while Chief Secretary Darren Jones is tasked with leading infrastructure strategy and supporting public sector reform work.
• Bell’s past proposals on pensions and tax, including replacing the triple lock and curbing the tax‑free lump sum, have drawn criticism, and his elevation follows policy reversals that have pressured Reeves’ early tenure.