Banking chief made Trade Secretary

Posted on 14 Jan 2009 by The Manufacturer

Mervyn Davies CBE has today been appointed as Trade Minister and will work under Lord Mandelson in the Department for Business, Enterprise and Regulatory Reform.

The Telegraph reports that Davies’ appointment was at the personal request of Prime Minister Gordon Brown.

His role will be to revitalise exports – down significantly in the latest ONS figures, despite a weakened pound – and entice foreign investment into Britain. It is also thought Davies will be instrumental in reinvigorating Britain’s ailing banking sector by helping to construct policies and
programs to promote lending. Davies leaves his position as
Chairman of Standard Chartered bank to take up the role and he was awarded his CBE for services to the financial sector in 2002.

Davies said: “I am delighted to be appointed as Minister for Trade and Investment. In these difficult times, our ability to compete for business overseas and to attract the best investment to the UK is crucial to our economic success.

“Exports will be a key element to the UK navigating its way out of the downturn. I will be encouraging innovative and enterprising businesses to seek out and win opportunities overseas. We must also ensure that we remain the number one destination in Europe for inward investment. UK Trade & Investment (UKTI) has a vital role in making this happen.”

Peter Mandelson, Business Secretary, added: “He will be doing extremely valuable work in promoting trade and investment, as well as using his own experience in helping the Government with the banking crisis.”

Davies’ has a number of non-executive directorship roles including one at Tottenham Hotspur Football Club.