New Investment Minister To Spearhead Bolstered Office For Investment

11th October 2024

A new Minister for Investment has been appointed to head up a bolstered Office for Investment, as part of a wider Whitehall ‘shake up' to strengthen the government's offer and partnership with businesses and investors.

Former Darktrace CEO Poppy Gustafsson OBE appointed as Minister for Investment ahead of inaugural International Investment Summit.

New minister to spearhead scaled up Office for Investment which will bring together expertise from industry and business leaders for the first time/

PM asks ministers to review how their departments can support the Office for Investment’s work to drive growth and investment across the UK.

A new Minister for Investment has been appointed to head up a bolstered Office for Investment, as part of a wider Whitehall ‘shake up’ to strengthen the government’s offer and partnership with businesses and investors.

The appointment comes ahead of the government’s inaugural International Investment Summit which will bring together global business leaders, Local Mayors, First Ministers and Cabinet Ministers to discuss how we can deepen our partnership with businesses to drive forward the government’s growth agenda and make the UK the best place for businesses to invest.

Securing investment is central to our mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off.

Poppy Gustafsson OBE was the former co-founder and Chief Executive Officer of British cybersecurity company Darktrace plc until her departure in September 2024. She co-founded Darktrace in 2013 and served as Chief Financial Officer for three years, followed by a brief period as Chief Operating Officer, before being named CEO in October 2016.

Under her leadership, Darktrace saw significant growth and global expansion, including a listing on the London Stock Exchange in 2021.

With her extensive business, cybersecurity, and financial experience, she brings a wealth of experience to the role and will be a joint minister across the Department for Business and Trade and the Treasury.

The Minister for Investment is expected to join the Prime Minister at the Council of Nations and Regions meeting tomorrow.

Prime Minister Keir Starmer said:

I am delighted to welcome Poppy Gustafsson OBE as our new Investment Minister - an accomplished entrepreneur who brings invaluable experience to the role.

We’re upgrading the Office for Investment to ensure it is fit for purpose and has the capability it needs to make the UK the first choice for investment and the best place in the world to do business, which is central to our mission to drive growth and make people better off.

Secretary of State for Business and Trade Jonathan Reynolds said:

Poppy has shown she knows firsthand what it takes to start and grow a successful international business.

Her private sector expertise will be vital in ensuring we attract more valuable investment into Britain and these changes show this Government’s growth mission will prioritise what businesses need to thrive in the UK and boost our economy.

Poppy Gustafsson OBE said:

It is a huge privilege to be appointed as the Minister of Investment and I am excited to get started.

I have first hand experience of building and scaling a business here in the UK and I am thrilled to have the opportunity to share with the international investment community what I already know to be true; the UK is a great place to do business.

The Minister will be responsible for the revamped Office for Investment and will be tasked with promoting the UK to investors and businesses around the world and attracting more investment into the UK.

To support her efforts, we are expanding the Government’s Office for Investment to become a larger and better equipped organisation which will bring together HMT, DBT and No10 into a joint unit to streamline how the government approaches business and investment.

The Office for Investment will also roll out a new, bespoke service to ensure that investors receive the strongest possible government support to navigate the planning and skills landscape.

This capability will be supported by the Deputy Prime Minister and Education Secretary, who are also overseeing ambitious reforms to make it easier to invest in the UK, including through new planning legislation and the creation of Skills England.

The Prime Minister has asked all ministers to consider how their departments can work with and use the service of the new Office for Investment to attract investments into their sectors.

As part of the overhaul, there will be a new Office for Investment Board chaired by the Minister for Investment with representation from HMT, DBT and No 10. The board will provide strategic oversight of the Office for Investment and will help to mobilise the levers across Government to attract investment to the UK.