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BBG-Gov't Investment Minister Nominee Withdraws Leaving Vacuum Before Summit

UK
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Bloomberg is reporting that the gov'ts preferred nominee to serve as its investment minister (a non-cabinet position at the rank of minister of state), Benjamin Wegg-Prosser, has withdrawn his candidacy with the report claiming that to take on the role would impact his own business links. Wegg-Prosser is CEO of Global Counsel, a political advisory firm co-founded with former Labour minister and European Commissioner Peter Mandelson. Bloomberg: "His withdrawal has prompted government officials to call senior private sector figures for advice on whom to hire, one of the people said."

  • The UK gov't is planning to hold an International Investment Summit on 14 October. The gov't claims it is looking "to bring together up to 300 industry leaders to catalyse investment in the UK.".
  • BBG: "The minister sits in the Office for Investment and provides a concierge service for big foreign investors money to help keep the UK competitive."
  • Uncertainty around the identity of an investment minister and the impact on the high-profile summit comes as the Institute of Directors records a decline in its Directors’ Economic Confidence Index. Anna Leach at the IoD said: "It is notable that the sharpest drops in our economic measures are in investment and headcount expectations, whilst other measures have moved to a lesser degree, albeit in a likewise negative direction. The newsflow in recent weeks on employment rights and Autumn tax rises has dented confidence in the environment for business in the UK."
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Bloomberg is reporting that the gov'ts preferred nominee to serve as its investment minister (a non-cabinet position at the rank of minister of state), Benjamin Wegg-Prosser, has withdrawn his candidacy with the report claiming that to take on the role would impact his own business links. Wegg-Prosser is CEO of Global Counsel, a political advisory firm co-founded with former Labour minister and European Commissioner Peter Mandelson. Bloomberg: "His withdrawal has prompted government officials to call senior private sector figures for advice on whom to hire, one of the people said."

  • The UK gov't is planning to hold an International Investment Summit on 14 October. The gov't claims it is looking "to bring together up to 300 industry leaders to catalyse investment in the UK.".
  • BBG: "The minister sits in the Office for Investment and provides a concierge service for big foreign investors money to help keep the UK competitive."
  • Uncertainty around the identity of an investment minister and the impact on the high-profile summit comes as the Institute of Directors records a decline in its Directors’ Economic Confidence Index. Anna Leach at the IoD said: "It is notable that the sharpest drops in our economic measures are in investment and headcount expectations, whilst other measures have moved to a lesser degree, albeit in a likewise negative direction. The newsflow in recent weeks on employment rights and Autumn tax rises has dented confidence in the environment for business in the UK."