Umunna, a strong advocate for the remutalisation of Northern Rock, will work under Shadow Business Secretary John Denham focusing on economic growth, better regulation and competition.
Umunna, MP for Streatham and a former employment lawyer, announced the move on Twitter, saying: “Am deeply honoured and grateful to be appointed to serve as Shadow Business Minister in John Denham’s Shadow BIS team by Ed Miliband today.”
The MP has taken a particular interest in the regulation of banks since entering parliament in 2010 and, as a member of the TSC, scrutinised the proposed changes to financial regulation and competition and choice in the retail banking sector.
In addition, he tabled an early day motion in January to return nationalised lender Northern Rock to its original building society status.
Umunna was formerly the parliamentary private secretary to Labour leader Ed Miliband and replaces Gordon Banks MP as a front bench spokesperson in the BIS team.