Lord Grimstone, Johnson’s ally, leaves his post as Minister of Investment | Economic news

Lord Grimstone, the city great who was parachuted into government by Boris Johnson to improve Britain’s foreign direct investment record, has quit to return to the private sector.

Sky News has learned that the former chairman of Standard Life wrote to the outgoing Prime Minister on Thursday to tender his resignation.

A Downing Street source said Lord Grimstone, a close ally of Mr Johnson, had decided the Forced departure from the PM left him no choice but to resign.

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Lord Grimstone’s departure is an anomaly in this week’s tsunami of ministerial resignations in that he quit because Mr Johnson had decided to leave Number 10 rather than because he was fighting to stay in his post.

Since his appointment to a joint post at the Department for Business and the Department for International Trade in March 2020, Lord Grimstone has overseen a reshuffle in the Government’s efforts to attract foreign investment.

Its close ties to the Middle East have paved the way for a series of sovereign investment partnerships with the United Arab Emirates and Saudi Arabia, with public investment funds pledging billions of pounds to invest in the UK .

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He was also the architect of the new Office for Investment, which was created to more effectively coordinate negotiations with large foreign investors.

Last year, he chaired preparations for the World Investment Summit, which drew prominent financiers from around the world and pledges of substantial future funds to deploy in Britain.

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“Nothing like the interim Prime Minister”

In total, a City ally said, Lord Grimstone had been responsible for securing more than £50billion in new foreign investment in the UK.

A former vice-chairman of Barclays, Lord Grimstone is expected to be courted by major listed and private companies, although he will likely have to serve a purdah sentence due to his time in government.

Lord Grimstone could not be reached for comment, while a DIT spokesman has been contacted for comment.

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