Former banker Javid handed Business brief

A FORMER investment banker has been named the new Secretary of State for Business.

Sajid Javid, who served as culture secretary in the coalition government, replaces ousted Liberal Democrat MP Vince Cable at the Department of Business Innovation and Skills.

MP for Bromsgrove since 2010, Javid previously worked for Deutsche Bank and Chase Manhattan in the City, while his experience in office include a spell as financial secretary to the Treasury.

The 46-year-old father of four was born in Rochdale and grew up in Bristol before studying politics and economics at Exeter University.
Darrell Matthews, North West director at EEF, the manufacturers’ organisation, said:  “Mr Javid will need to focus on three things in particular: building on the success of the previous administration’s work on industrial strategy and ensuring this is applied across Government; maintaining funding for important levers of growth, including research and innovation and support for exporters, through UKTI; and helping ensure Government delivers the big ticket infrastructure projects, from additional runway capacity to rail and road improvements.

“The new Secretary of State will also play an important role in any EU negotiations and in the forthcoming referendum and I am sure he understands that the vast majority of businesses he will now be representing  in Government want Britain to remain at the heart of a reformed Europe.”

John Cridland, CBI director-general, added: “Sajid was an excellent treasury minister and will be a strong voice for the business community, helping to make its voice heard loud and clear at the Cabinet table.

“We want to encourage more companies, especially Britain’s forgotten army of medium-sized businesses, to boost exports and investment, to drive growth and create jobs up and down the country. We look forward to working with Sajid to achieve this.”

The CBI is calling for the Government to set out a clear business plan for its first 100 days, including getting the deficit down, finding new ways to deliver public services and committing to the Airports Commission’s final decision this summer.