He takes the role from Damian Green, who has been given the position of First Secretary of State, effectively making him Prime Minister Theresa May’s deputy.

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Mr Gauke’s previous roles in government were:

• Chief Secretary to the Treasury 2016 to 2017
• Financial Secretary to the Treasury 2014 to 2016
• Exchequer Secretary to the Treasury 2010 to 2014

He was appointed Exchequer Secretary to the Treasury in May 2010, and promoted to Financial Secretary to the Treasury in July 2014, where he served until July 2016.

Mr Gauke served as Chief Secretary to the Treasury from July 2016 to June 2017.

Former Pensions Minister Steve Webb, who worked with Mr Gauke as part of the 2010-15 Coalition Government, praised the appointment.

He said: "There are few ministers who could have been appointed to this role who know as much about pensions as David Gauke. In his five years at the Treasury during the Coalition he played a key role in developing the detail of the pension freedoms and was a keen supporter of automatic enrolment.

"I always found him to be knowledgeable and willing to engage in discussion and debate. However, as Secretary of State at the DWP there will be many other issues to take up his time, including welfare reform, disability benefits and employment policy."

Mr Webb, now director of policy at Royal London, said:"The lack of an outright Conservative majority means radical reform in any area will be hard to get through Parliament, but we may see sensible incremental changes as a result of the review of automatic enrolment.

"As a former Chief Secretary to the Treasury he will be used to focusing on keeping spending under control, but political pressures may mean savings on the triple lock and on winter fuel payments have to be kicked into the long grass."

Mr Gauke, who was a solicitor and worked for a City firm before entering Parliament in 2005, was a member of the Treasury Select Committee from February 2006 until he was appointed as a Shadow Minister for the Treasury in June 2007.

As a Shadow Treasury Minister, he focused on tax policy, including matters such as tax simplification and corporation tax reform.

Mr Gauke was first elected the Conservative MP for Hertfordshire South West in May 2005.

The Pensions Minister role, previously occupied by Richard Harrington, has yet to be confirmed.