Rishi Sunak has hired a top former Morgan Stanley executive as his new business adviser, as the UK premier seeks to spur economic growth ahead of an expected election next autumn.
(Bloomberg) — Rishi Sunak has hired a top former Morgan Stanley executive as his new business adviser, as the UK premier seeks to spur economic growth ahead of an expected election next autumn.
Franck Petitgas, who stepped down from the bank after a 30-year run in November, joined Sunak’s top team on Tuesday, according to a person familiar with the matter. The appointment was first reported by the Financial Times.
Sunak is aiming to revive a British economy facing headwinds of high inflation and sluggish investment, with international institutions such as the International Monetary Fund putting the UK at the bottom of the pile among major economies in their latest growth forecasts.
Last month Chancellor of the Exchequer Jeremy Hunt announced plans to boost growth including a temporary 100% tax relief on capital spending by companies. However he also increased corporation tax — a levy on company profits — from 19% to 25%, which was criticized by some in Britain’s business community.
Petitgas, 62, had run Morgan Stanley’s international operations since 2018 before he stepped down last year. He was once considered a potential CEO candidate and continued to act as an adviser for the firm following his departure.
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