Shakeup at the Board of Trade: Jonathan Reynolds Overhauls Panel Ahead of Key Investment Summit

Jonathan Reynolds, the Business Secretary, is set to replace a group of governmental advisors, among them Anya Hindmarch and Sir Lucian Grainge, later this year, according to Sky News.

Municipal editor @MarkKleinmanSky

Thursday, October 10, 2024, 11:

Jonathan Reynolds, serving as the business secretary, has dismissed several government advisors, among them the founder of Anya Hindmarch, the chief executive of Universal Music Group, and a past Lord Mayor of the City of London. This development comes shortly before Labour's major investment summit.

Sky News has learned that Mr. Reynolds contacted the Board of Trade members in August, informing them that the new government presented a chance to update the board’s composition and objectives.

The former group of members was selected by Kemi Badenoch, who was the Business Secretary at the time and is currently a contender for the leadership of the Conservative Party, in September 2023.

The group included Sir Nicholas Lyons, ex-Lord Mayor and current chairman of Phoenix Group; Sir Lucian Grainge, who leads Universal Music Group as chairman and CEO; designer Anya Hindmarch; Tufan Erginbilgic, CEO of Rolls-Royce Holdings; and Karen Betts, head of the Food and Drink Federation.

Mr. Reynolds holds the position of president at the Board of Trade and reportedly intends to name a new set of board members this fall.

A source within the government mentioned that the appointment terms for its members vary, lasting either one year or two years.

Originally founded in the 17th century to foster global trade connections, the Board of Trade lay inactive for many years before being reestablished in 2017.

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"Many are suggesting the establishment of yet another mundane, bureaucratic panel, but this new committee is set to be composed of problem-solvers," Ms. Badenoch remarked as she introduced the members last year.

"In the wake of Brexit, there are significant trading opportunities we must capitalize on. It's crucial that we step up our game and adopt a proactive approach. I am optimistic that the newly established Board of Trade will meet these expectations."

A representative from the government chose not to make a

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