Treasury chief secretary barred from housing decisions because of property firm

The Treasury chief secretary has been barred from involvement in planning and housing decisions because of his lucrative property interests, he has revealed.

Chris Philp has retained a substantial stake in a group providing loans for developments and is a director of an investment company – despite his promotion to be Kwasi Kwarteng’s deputy.

The Treasury had refused to say whether Mr Philp would be required to sell off his interests, put them in a blind trust or be excluded from discussions on housing policy.