The appointment of Vince Cable as the new Secretary of State for Business, Innovation and Skills has been welcomed by business groups.
The Twickenham MP, who was the Liberal Democrats’ Shadow Chancellor before the election, will head up the department alongside new Tory ministers Mark Prisk and John Hayes.
Addressing the Department for Business, Innovation and Skills earlier this week, Cable said the key challenges for his team were making difficult choices to reduce the deficit, providing assistance on jobs and creating a longer term vision for the UK economy.
Commenting on Cable’s appointment, David Frost, director general of the British Chambers of Commerce (BCC), said:
“Vince Cable understands business and is popular with many small and medium-sized companies. He knows where the UK fits within a global context, and the important role the private sector will play in driving future job creation and economic growth.”
Frost said Cable’s “relentless focus” on making sure the banks lend to credit-worthy small companies would be a vital part of his new role.
He added: “We look forward to working with Dr Cable and want to see him push British business to the forefront of the new coalition government’s entire thinking.”
Commenting on the appointment of Mark Prisk as Small Business Minister, Jonathan Elliott, managing director of business price comparison service, Make It Cheaper, said it was good news for small firms.
Elliot said Prisk, who was a business owner before becoming an MP, is “the only politician who really understands the real issues that dog small businesses”.
© Crimson Business Ltd. 2010