New UK PM Appoints New Business Minister
On his first day in office the new UK prime minister Boris Johnson appointed Angela Leadsom as the minister in charge of business, energy and industrial strategy. With effect from July 24, the committed European Union 'leave' campaigner and two-time challenger for the post of leader of the Conservative Party, has replaced Greg Clark, as part of the biggest change of cabinet undertaken by an incoming prime minister.
Leaving the European Union will involve business in costly and lengthy negotiations and paperwork, and could cost the country £30bn ($34bn)/yr. Another £35bn/yr or so could also go on making the UK net carbon zero until 2050, according to the finance minister Philip Hammond.
In all, 17 ministers lost their jobs in a matter of hours, only six of whom, including Hammond, resigned; and they are likely, along with former prime minister Theresa May, another committed 'remainer', to create a formidable opposition from the back benches. The departures included the top three posts: foreign affairs minister, finance minister and minister for home affairs. As it is, the Conservative Party has a very thin majority in parliament, leading to the belief that he will have to call a General Election.
Johnson made clear his intentions to take the whole of the UK out of the European Union by October 31, with or without a deal, "no ifs or buts," in a speech outside Number 10, Downing St July 24. If there is no deal then "there will be difficulties," he said; but "what has really sapped the confidence of business over the last three years, it is not the decisions we have taken; it is our refusal to take decisions."
After graduating with a degree in political science at the University of Warwick, Leadsom began a career in finance including working as institutional banking director at Barclays, and later as head of corporate governance at Invesco Perpetual. She has been a member of parliament (South Northamptonshire) since 2011.
Greg Clark became minister for business when Theresa May's premiership began, and among his first decisions was to approve the Hinkley Point C contract with EDF, guaranteeing the investor a very high power price and angering consumers. However, as he said, it was part of the government's commitment to a low-carbon energy mix. As the zero-net-carbon energy supply comes into being, high prices are to be expected.
He defied Conservative Party orders mid-July to vote in favour of a motion in the House of Commons that could have paved the way for parliament to be shut down at the end of October, thus preventing MPs a chance to stop a no-deal Brexit.