Dame Carolyn McCall, the chief executive of ITV, has declined an offer to lead the Government's Industrial Strategy Council, dealing a setback to Labour's efforts to enhance its pro-business credentials. The decision comes as the party faces challenges in filling key roles ahead of a crucial international summit.
Dame Carolyn, who previously held leadership positions at easyJet and The Guardian, was approached by the Department for Business and Trade for the role. However, she opted not to accept due to concerns about the time commitment required and potential industry lobbying pressures.
A source close to Dame Carolyn explained:
"If you're a FTSE CEO, that's a big commitment."
The Industrial Strategy Council, intended to be a key government advisory body with statutory underpinning, is expected to require a minimum of two days per month from its leader. This statutory footing is designed to ensure the council's longevity across political changes.
Dame Carolyn's decision adds to the challenges faced by Jonathan Reynolds, the Business Secretary, and Chancellor Rachel Reeves. The Labour party is already struggling to appoint an investment minister, with their first choice, Benjamin Wegg-Prosser of Global Counsel, declining the role for financial reasons.
These setbacks come at a critical time, with an international summit scheduled for October 14, 2024, aimed at showcasing Britain's openness for business. The summit's importance is heightened by Labour's commitment to economic growth and improved living standards across the United Kingdom.
The Industrial Strategy Council is expected to play a crucial role in Labour's economic plans, as outlined in the recent King's Speech. The speech emphasized a "new partnership with both business and working people" and prioritized "wealth creation for all communities." The council would focus on four key missions, including the delivery of clean power by 2030.
Dame Carolyn currently holds non-executive positions at fund manager Bridgepoint and serves as a trustee at the Royal Academy of Arts, in addition to her role at ITV. While she has previously participated in government bodies, including the Levelling Up Advisory Council led by former Bank of England chief economist Andy Haldane, these roles typically required less time commitment than the proposed Industrial Strategy Council position.
The Department for Business and Trade, created in February 2023 through a merger of previous departments, has not commented on the matter. Similarly, ITV has declined to provide a statement regarding Dame Carolyn's decision.
As Labour continues its efforts to strengthen its economic team and pro-business image, the party faces the challenge of attracting high-profile business leaders to key advisory roles while balancing the demands of these positions with executives' existing commitments.