Cameron appoints investment banker as business secretary

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, 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.”