Hampstead & Highgate's new MP has reportedly been appointed as Britain's' City Minister.

If the appointment is confirmed, Tulip Siddiq - who was elected to the new constituency on July 4 - would have responsibility for overseeing the financial services sector.

The 41-year-old's appointment has not been formally announced by the Government, news agency Reuters reported, having received its information from financial journalism channel Bloomberg News.

Ms Siddiq has led Labour's efforts to develop policies for the financial services industry, known as 'the City' after the City of London financial district, since 2021, the news outlet said.

In May she told the Financial Times that Labour would push the Financial Conduct Authority, Britain's markets regulator, to do more to remove barriers to competitiveness and growth.

New finance minister Rachel Reeves launched a new "national mission" on Monday (July 8) to drive economic growth, setting out plans to increase housebuilding, unblock infrastructure projects and attract private investment.

Ms Siddiq would succeed Bim Afolami, a former HSBC banker who held the role under the previous Conservative government.

Tulip's office has been contacted to try to confirm the appointment.