In Gordon Brown's first reshuffle, she was appointed as City Minister, Economic Secretary to the Treasury, succeeding Ed Balls. The timing of her appointment, as the first signs of the credit crunch appeared, meant that she was party to crucial meetings of the Tripartite Committee of Treasury, FSA and the Bank of England as the authorities dealt with the collapse of Northern Rock, the subsequent financial crisis and its legislative response. She chaired the Treasury Islamic Finance Group, leading to the issuance of the first sukuk government bond, co-chaired with Hector Sants the official High-Level Working Group on the efficiency of the UK capital-raising process, and co-chaired with Sir Michael Snyder the High-Level Working Group on the professional services sector.