Chancellor Rachel Reeves has appointed three high-profile business figures to the Treasury’s Board of Directors – but the move has drawn criticism from SME leaders who say the government is failing to include voices with first-hand small business experience.
From September, Sir Charlie Mayfield, former chairman of John Lewis Partnership, will join the board alongside fintech entrepreneur Edward Twiddy and communications specialist Jenny Scott, each serving an initial three-year term.
The Treasury said the appointments are intended to bring fresh insight, strengthen operational efficiency, and help the department support its “number one mission” of economic growth.
“Between them, they bring a huge amount of experience and fresh thinking,” Reeves said. “Their insights will be invaluable as we focus on growing the economy to deliver for working people as part of our Plan for Change.”
The new appointees
- Sir Charlie Mayfield – Former John Lewis Partnership chair, with over 20 years’ private sector experience and seven years as chair of the UK Commission for Employment and Skills. Known for leadership in talent development and technology-led transformation.
- Edward Twiddy – Chair of Newcastle-based Northstar Ventures and co-founder of Atom Bank. Spent 13 years at the Treasury before moving into venture capital and fintech.
- Jenny Scott – Co-founder of Apella Advisors and former senior communications lead at the Bank of England. Previously an economics correspondent and political programme presenter at the BBC.
SME leaders: “Missing a trick”
While the appointments were welcomed as a step towards closer engagement with business, SME leaders voiced frustration that no one from the small business community has been included.
Mary Maguire, managing director of Derby-based Astute Recruitment, said corporate leaders “don’t understand the cash flow nightmares” facing SMEs, start-ups and sole traders. “Let’s have some voices at the Treasury from SME Britain, who actually understand SMEs and can give them the voice they deserve.”
Michelle Lawson, director at Fareham-based Lawson Financial, questioned the timing: “Is this announcement the Chancellor finally realising that she, and many other senior cabinet members, have no experience with business? … It may be too little too late to repair the damage already caused.”
Some commentators saw the move as a positive step but stressed the need for follow-through. Samuel Mather-Holgate, independent financial adviser at Mather and Murray Financial, said: “Hopefully having some sound heads onboard will lead to more robust decisions … Reeves needs to stop talking about a plan for change, and actually start implementing it.”
Scott Gallacher, director at Rowley Turton, welcomed the experience of Mayfield and Twiddy but questioned Scott’s appointment: “Her background is mainly in communications for the BBC and the Bank of England, rather than running a business. Another external business leader might have added more balance and a stronger SME perspective.”
Richard Alvin, Group Managing Director of the CBM Group, formerly Capital Business Media, publishers of Business Matters, was a former advisor for SMEs to the David Cameron administration and he echoes the calls for SMEs to be represented saying: “The advice that Reeves will be hearing from Mayfield, Twiddy and Scott, whilst much needed is very different to what she needs to be hearing from those with detailed insight into businesses of a much smaller scale. Those companies with turnovers under £20million, and in fact £10million and also £2million, have very different needs to those larger companies. It is not a case of government needed to hear from ‘business’ as this really is not a one-size fits all need and if Reeves thinks that it is then that is also part of the problem with the current administration.”
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Reeves appoints senior business leaders to treasury board – but SME’s call for their own voice