Ros Altmann will take up a key position at the centre of government after the Conservatives' election win was confirmed on Friday afternoon.

Ms Altmann will sit as minister with responsibility for financial consumer protection and financial education. Her appointment, announced during the campaign, was dependent on the Conservatives forming the next government.

The pensions expert and campaigner, who will also be made a Tory peer, said: “The Conservatives have been misrepresented - they really do want to make Britain work better for ordinary people up and down the country‎ - policies for the workers as well as the businesses which employ them. That's the way for the economy to regain its strength.

“We have more to do and to reunite the UK around the idea of private sector success enabling public sector affordability.”

She said the Tory victory was “great news for the country and I will do my utmost to help more people in my new ministerial role.

“There is much important work to do to improve finance and long-term savings for customers‎ with fairness and good value being at the heart of pensions, savings, mortgages and other financial products.

“The silent majority need to know their money will be well looked after and they can look forward to a good later life.”