Dr Alex Allinson has been appointed Treasury Minister with immediate effect.
Chief Minister Alfred Cannan MHK confirmed the appointment following the resignation of David Ashford.
Dr Allinson has been Minister for the Department for Enterprise (DfE) since October 2021, having previously been in charge of the Department of Education, Sport and Culture.
He said: ‘I am honoured to be appointed to this important role and will be fully committed to the challenges ahead including the increased pressures on cost of living.’
For the time being, the chief minister will retain the DfE ministerial delegation pending further announcements.
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