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Tuesday 4th September 2012 | 18:14
Downing Street press release
The chief executive of LOCOG – the body which is organising the Olympic and Paralympic Games – is joining the Government as the Minister responsible for economic delivery to lead the Government’s drive to transform Britain’s infrastructure and support its wider economic agenda.
He will take up his post as Commercial Secretary to the Treasury at the start of next year, once he has completed his responsibilities with the Olympic and Paralympic Games. Mr Deighton will be a Minister in the House of Lords and report to the Chancellor of the Exchequer as a Treasury Minister. His position will be unpaid.
He will have responsibility for implementation of the 30-year National Infrastructure Plan published in 2010, including the guarantees for infrastructure being made possible by the legislation being introduced to Parliament this week. Specific examples include High Speed Two, Thames Tunnel, new road and rail projects (eg. A14, Northern Hub), rollout of high speed broadband, and new-build nuclear.
In doing this he is being tasked with removing any unnecessary blockages that are holding back projects from happening.
His responsibilities will also include supporting the Secretary of State for Culture on the Olympics legacy, working with DCMS Ministers and Lord Coe in his role as Legacy Ambassador.
Mr Deighton is currently the Chief Executive Officer of LOCOG, the London Organising Committee of the Olympic and Paralympic Games. He took up this post in 2005 shortly after London won the bid to stage the Games. Prior to joining London 2012, he was the Chief Operating Officer of Goldman Sachs in Europe, and a member of its European Management Committee. At Goldman Sachs he worked in a variety of management and client-facing roles for over 22 years, and was appointed a partner of the firm in 1996. Before joining Goldman Sachs in 1983, he worked for both Security Pacific National Bank and Bank of America. Mr Deighton was educated at Trinity College, Cambridge.
The current Commercial Secretary, Lord Sassoon, will continue in his post until then. He had informed the Chancellor earlier in the year that he wished to return to the private sector in due course when an appropriate successor was appointed.
Prime Minister David Cameron said:
"I am delighted that one of the most talented leaders Britain has is joining the Government. His appointment proves this Government means business in terms of delivering infrastructure projects and economic revival."
Chancellor of the Exchequer George Osborne said:
“This summer with the Olympic and Paralympic Games, Britain has shown the world it can deliver a world-beating project on time and on budget. As Chief Executive of its organising committee, Paul Deighton has played a critical role in that. So I am delighted he has agreed to join the Government to bring his experience and expertise to economic development infrastructure. Paul is a man who has shown he can deliver. I am grateful that Lord Sassoon has agreed to stay on until Paul takes up his appointment, and thank him for his service to the Government. He's done a very good job."
Mr Deighton said:
"Over the last 7 years I have seen extraordinary British companies and incredibly talented British people deliver on the building, staging and hosting of the London 2012 Games. The public/private sector collaboration in delivering these Games has been vital to their success. I am delighted to accept the Prime Minister’s and Chancellor’s offer to apply this experience and what we have learnt to the broader UK economy. I very much look forward to taking on my new responsibilities in January 2013. In the meantime my entire focus is on delivering a fantastic Paralympic Games that continues to showcase great sport and the best of Britain to the world."