Former Tory minister Therese Coffey applied for job in Labour government

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Former Conservative minister Thérèse Coffey, a close ally of former prime minister Liz Truss, applied for a senior job in the Treasury after being defeated in her constituency at the general election.

Ms Coffey, who served as Ms Truss’s deputy prime minister, tried to become the UK director at the European Bank for Reconstruction & Development (EBRD) but was rejected from the role.

The Treasury oversees the application process, with chancellor Rachel Reeves ultimately deciding who is appointed to the position.

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The job, which has a £183,400 annual salary, is considered a director-level role in the department.

The EBRD, a development bank that gives loans to companies, was set up in 1991 during the collapse of the Soviet Union to promote market economies in eastern Europe.

The role was advertised by the Treasury on LinkedIn in July. The job description said it would involve “representing the UK and promoting the UK’s interests at the EBRD board in a credible and effective manner”.

The successful applicant would work with Treasury policy teams and the Foreign Office to “devise and implement a proactive strategic agenda for UK priorities”.

Ms Coffey told The Telegraph: “It was an interesting role. I thought I would apply given my experience in government on international work.

“I have dealt with these sorts of banks before.”

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The former minister was at the top of Ms Truss’s government when her disastrous mini-budget was announced, causing mortgages across the UK to skyrocket.

The Bank of England was forced to intervene to buy long-dated UK government bonds in order to calm turmoil in financial markets.

Just this month, Ms Reeves publicly criticised Ms Truss’s time in office, saying: “Millions of people are still paying the price for Liz Truss’s disastrous mini-Budget.

“That is why I’m taking the difficult decisions now to fix the foundations of our economy, so we can rebuild Britain and make every part of our country better off.”

The EBRD is owned by 73 countries, including the UK, and the chancellor is effectively a senior representative for the UK. Each of the 73 countries has its own delegate to the EBRD.