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| Version 1 | Version 2 |
|---|---|
| Banker Davies to become minister | Banker Davies to become minister |
| (about 1 hour later) | |
| The chairman of Standard Chartered Bank Mervyn Davies has been made a life peer and trade minister by Gordon Brown. | |
| The BBC's Nick Robinson says he will effectively replace the ex-head of the Confederation of British Industry Digby Jones, who left in the last reshuffle. | The BBC's Nick Robinson says he will effectively replace the ex-head of the Confederation of British Industry Digby Jones, who left in the last reshuffle. |
| Lord Jones was the minister of state for trade and investment at the Department for Business and Enterprise. | Lord Jones was the minister of state for trade and investment at the Department for Business and Enterprise. |
| Mr Davies will be seen as adding bank experience to the government at a time of continuing economic difficulties. | Mr Davies will be seen as adding bank experience to the government at a time of continuing economic difficulties. |
| He had already been advising the government, as a member of the Business Council for Britain, on how its business policies are working. | He had already been advising the government, as a member of the Business Council for Britain, on how its business policies are working. |
| His appointment to an unpaid role as a minister in Business Secretary Lord Mandelson's department was confirmed earlier. | |
| It had been thought he might become chairman of the Royal Bank of Scotland but it is understood he wanted a wider government position. | It had been thought he might become chairman of the Royal Bank of Scotland but it is understood he wanted a wider government position. |
| Nick Robinson said he would be announced as trade and investment minister, but in reality would be "banking minister", brought in from the sector to help the government sort out problems with the banks. | Nick Robinson said he would be announced as trade and investment minister, but in reality would be "banking minister", brought in from the sector to help the government sort out problems with the banks. |
| In October, three major British banks - RBS, HBOS and Lloyds TSB - were bailed out with £37bn package aimed at helping banks shore up their balance books and make affordable funding available. | In October, three major British banks - RBS, HBOS and Lloyds TSB - were bailed out with £37bn package aimed at helping banks shore up their balance books and make affordable funding available. |
| But banks eager to escape further problems have drawn in their lending - business leaders have said a lack of available finance played a part in the downturn of the UK economy. | But banks eager to escape further problems have drawn in their lending - business leaders have said a lack of available finance played a part in the downturn of the UK economy. |
| On Wednesday the government will outline a plan to guarantee up to £20bn of loans to small businesses. | On Wednesday the government will outline a plan to guarantee up to £20bn of loans to small businesses. |
| Lord Jones was one of several outside experts Gordon Brown appointed into ministerial jobs after becoming prime minister, when he called for a "government of all the talents". | Lord Jones was one of several outside experts Gordon Brown appointed into ministerial jobs after becoming prime minister, when he called for a "government of all the talents". |
| But his appointment proved controversial, particularly as he was not a Labour Party member and he expressed concerns about government plans to tax "non-domiciled" foreigners in Britain. |