Reeves appoints senior business leaders to Treasury board: "Let's have some voices at the Treasury from SME Britain"
THREE experienced business leaders from retail, tech and communications have been appointed to the Board of Directors at the Treasury by the Chancellor Rachel Reeves, the Government has announced, but business owners have criticised the government for failing to appoint people with direct experience of the challenges faced by SMEs.
Former Chairman of John Lewis Sir Charlie Mayfield will play a lead role on the Treasury’s Board of Directors alongside banking and regeneration entrepreneur Edward Twiddy and economics communications specialist Jenny Scott.
They will use their business expertise and experience to help the Treasury run as efficiently as possible, ensuring it effectively supports economic growth, the government’s number one mission.
All of the appointees will commence their terms on 1 September 2025, each serving an initial three-year term.
Chancellor of the Exchequer, Rachel Reeves said: "I’m really pleased to welcome Sir Charlie Mayfield, Edward Twiddy and Jenny Scott to the board, as we build on our partnership working with business. Between them, they bring a huge amount of experience and fresh thinking. Their insights will be invaluable as we focus on growing the economy to deliver for working people as part of our Plan for Change.
Sir Charlie Mayfield is an experienced Chair and business executive as the former Chairman of John Lewis Partnership. Sir Charlie has over 20 years’ experience in the private sector and 7 years within the public sector as Chair to the UK Commission for Employment and Skills. He brings extensive leadership skills including a strong track record in change management, both in developing talent and capability, and in driving technology-led transformation.
Edward Twiddy is Chair of Northstar Ventures, a Newcastle-based venture capital firm. He also co-founded the leading fintech start up, Atom Bank back in 2014 when the technology was in its infancy after spending 13 years as an official at the Treasury. Edward has extensive leadership experience in both executive and non-executive roles, with a strong focus on enterprise and innovation.
Jenny Scott co-founded and owns strategic communications advisory firm Apella Advisors. Jenny previously held senior communications posts at the Bank of England, shaping and guiding communications across all policy areas during the financial crisis and the Brexit referendum. Before joining the Bank, Jenny was the Economics Correspondent at the BBC and went on to present BBC2’s ‘The Daily Politics’ with Andrew Neil.
Mary Maguire, Managing Director at Derby-based Astute Recruitment, welcomed the move but said the country needs business people who understand the unique challenges faced by small businesses: “As an SME business owner working and recruiting for SME businesses, I find this a step in the right direction but the Government are missing a trick. In fact, a bag of tricks.
"Experienced heads of corporate companies are great but they simply don't understand the cash flow nightmares that face SMEs, start-ups and sole traders on shoestring earnings desperate to keep their talented staff and businesses going.
"Nor do they understand the horrendous impacts of the NIC increases and reduced thresholds for NIC to kick in for employers. 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, said the decision may be too little, too late: “Is this announcement the Chancellor finally realising that she, and many other senior cabinet members, have no experience with business? Are they bringing people onboard to salvage what is left of their reputation, let alone business confidence?
"It would be nice to see some members of the small business community on there alongside those with large corporate experience and expertise, as the mechanics and strategies can be very different. It may be too little too late, however, to repair the damage already caused.”
Samuel Mather-Holgate, Independent Financial Adviser at Swindon-based Mather and Murray Financial, welcomed the announcement: “This is a decent move from Reeves and the Treasury. Hopefully having some sound heads onboard will lead to more robust decisions being made, that benefit businesses, large and small, and the electorate as a whole. Reeves needs to stop talking about a plan for change, and actually start implementing it.”
Scott Gallacher, Director at Leicester-based Rowley Turton, added: “That’s great news, with business leaders like Sir Charlie Mayfield and Edward Twiddy bringing real-world experience to the Treasury’s board. But I’m less convinced about Jenny 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.”
