Morally is acceptable that Stephen Green is to be a new British Trade secretary. The former chairman of HSBC did not ask for the taxpayers‘money during the crisis and he spoke out against the bankers‘high pay and bonuses. Green is not going to be paid for this job. David Cameron was careful enough to pick the right person. Politically, there are two contrasting views however. The negative one (for the Prime Minister of course) is that Business Secretary Vince Cable was completely left out of the selection process.

Green is Cameron's favourite, what adds to his independence even though he should report to Cable. As the tension between the Tories and the Liberal Democrats will grow (there is a linear parallel between the tension and the dynamics of austerity measures), this could become one of the sore points of their cooperation. The positive point is that Green is admired by Gordon Brown. That makes the potential Labour criticism less dangerous.

All in all, Green is a good choice as he led the Europe's biggest bank. His contacts could help in boosting the UK exports and the City is happy too. The City is happy also due to another change within the industry as investment banker Bob Diamond takes up the highest position in Barclays. Unlike Green's promotion, this move is widely criticised by the Unions, thanks to Diamond's pre-crisis history. If Mr. Cameron chose him for the job of the Trade minister, the coalition popularity would hit the bottom earlier than expected.

Milan Sebo

PHOTO: ISIFA