A new Investment Minister is expected to be appointed by the government within the next couple of days according to reports today and just ahead of a UK international summit.
Attendees at the investment gathering are expected to include Larry Fink, head of fund manager Blackrock and a big investor in the UK’s infrastructure.
According to Sky News, the lack of an Investment Minister to promote Britain as a business destination at the get-together would have been a major embarrassment for the government.
A Downing Street source told Sky it was "90% certain" that a businessperson would be appointed before the weekend.
Rachel Reeves, the Chancellor, meanwhile is to meet the chief executives of Barclays, HSBC, Lloyds Banking, NatWest and Santander UK on Wednesday.
One topic for discussion will be how to encourage investment in the economy.
Barclays PLC (LSE:BARC) HSBC Holdings PLC (LSE:HSBA) and Lloyds Banking Group PLC (LSE:LLOY) are also paying £175,000 to sponsor the international summit according to Sky.