Downing Street Says » Mervyn Davies

» Wednesday, January 14, 2009

Mervyn Davies

Asked what the Prime Minister thought new Minister Mervyn Davies would bring to the Government, the PMS replied that Mervyn Davies was clearly somebody that had a huge amount of international business experience as chairman of Standard Chartered, a genuinely global bank. So he brought a huge amount of expertise and knowledge, not only of the international financial world, but of the international business world as well. He was the Trade Minister, effectively replacing Digby Jones, but of course he would also be a member of the National Economic Council, and also brought in considerable financial expertise. Under the leadership of Alistair Darling and Peter Mandelson, we had a stronger team in place with Paul Myners of the Treasury and Baroness Vadera at BERR, all of whom had considerable experience of both the business world and the financial world.

Asked if it was fair to say that the appointment showed the Government wanted to take a more robust approach to banks, the PMS replied that Mervyn Davies would be the Trade Minister, and therefore his primary responsibility was trade matters. But he obviously had wider financial expertise which he could bring to bear, but there had not been any change in departmental or ministerial responsibilities as a result of this appointment.

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