In David’s Cameron’s attempt to secure overseas business he has hired someone to focus on that task exclusively. Stephen Green, the chairman at HSBC, will take up a seat at the House of the Lords and will serve the British government as the coalition’s new Trade Minister. Green will not be paid for the position and is leaving a 28 year career at the bank for public service.
This appointment is a relief for Cameron who had earlier tried to fill the position with several other city figures and failed to do so. Green is considered a good choice for the coalition due to the fact that he has been critical in the past of bonus payments to bank executives. Also he led his bank through the credit crisis without a taxpayer bailout.
In Cameron’s efforts to show that Britain is “open for business” he has sought to increase efforts to gain more business for British exports. The position of Trade minister was particularly important to him and it irritated some MPs that felt they had been overlooked for the position and thus deemed unworthy of the responsibility.
In response to Green’s new position Cameron said: “With Stephen’s experience and expertise, I know he will make an invaluable contribution towards this crucial agenda, helping to drive strong economic growth in the UK.’”
The Trade Minister will report to Business Secretary Vince Cable as well as Foreign Secretary William Hague. Mr. Cable endorsed Stephen Green by saying: “In Stephen we will be appointing a minister with a long career as a leading international banker, one of the few to emerge with credit from the recent financial crisis, and somebody who has set out a powerful philosophy for ethical business.”