Reynolds axes Board of Trade members as Investment Summit looms
Jonathan Reynolds, the business secretary, has axed government advisers including the founder of Anya Hindmarch, the boss of Universal Music Group and a former Lord Mayor of the City of London, it has emerged just days before Labour’s flagship investment summit.
Sky News understands that Mr Reynolds wrote to members of the Board of Trade in August to notify them that the change of government offered an opportunity to refresh its membership and remit.
The previous crop of members were appointed by Kemi Badenoch, the then business secretary and now Conservative Party leadership contender, in September 2023.
Among them were Sir Nicholas Lyons, a former Lord Mayor who now chairs Phoenix Group; Sir Lucian Grainge, the UMG chairman and CEO; Anya Hindmarch; Tufan Erginbilgic, the Rolls-Royce Holdings CEO; and Karen Betts, boss of the Food and Drink Federation.
Mr Reynolds is listed as the Board of Trade’s president, and is said to be planning to appoint a new group of members during the autumn.
A government insider pointed out that its members were appointed for either one-year or two-year terms.
The Board of Trade was originally established as a vehicle for promoting international trade links in the 17th century, but was dormant for decades until its revival in 2017.
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“Some are calling for another dry, report-writing board, but this new board will be fixers,” Ms Badenoch said when she announced the members last year.
“As we seize the immense trading opportunities post-Brexit, we need to pull our socks up and be a team of doers. I’m confident the new Board of Trade will fulfil that ambition.”
A government spokesman declined to comment.