Shriti Vadera
Encyclopedia
Shriti Vadera, Baroness Vadera, PC (born 23 June 1962) is a British investment banker and politician. Until September 2009, she was a government minister jointly for the Department for Business, Innovation and Skills
and the Cabinet Office
.
in 1962 into a family of Indian origin.
Her family owned a small tea plantation but fled to India in 1972 following the Ugandan government's expulsion of Ugandan Asians, and then later to the UK. She was educated at Northwood College
before taking a degree in Philosophy, Politics, and Economics at Somerville College
, Oxford
.
in the Department for International Development
. As she was not a member of either of the Houses of Parliament, she was created a life peer
on 11 July 2007 as Baroness Vadera The Sunday Times
reported that the Cabinet Secretary
"flatly refus[ed] to allow her to cross the threshold of No 10 as policy enforcer" and "no Permanent Secretary
could stand her" - although the Cabinet Secretary denied making these comments.
Following criticism of her working style, Stephen Alambritis, of the Federation of Small Businesses, said: “If the Civil Service is complaining about her, then probably more ministers should be like her; she gets things done.”
After six months as a Minister in International Development, she was moved to the Department for Business, Enterprise and Regulatory Reform
(now the Department for Business, Innovation and Skills
). In October 2008, she also became a Parliamentary Secretary
in the Cabinet Office
.
On 14 January 2009 she gave an interview on ITV's Lunchtime News, which concluded:
Her reply generated commentary from a number of sources, including shadow chancellor George Osborne
and former chancellor Norman Lamont, who first used the phrase "green shoots
" in 1991. Lamont said: "It is extremely premature to use a phrase like that."
Later that year London's Evening Standard
reported that Vadera was instrumental in the creation of an unprecedented banking rescue package. On 24 September 2009, it was announced that she would be stepping down as minister to take up a new role advising the G20
.
reported that Vadera had taken up a consultancy to give strategic advice in restucturing Dubai World’s US$26billion debt. In July, the Daily Telegraph reported Vadera had become consultant to Singaporean investment company Temasek
.
In December 2010, she was appointed to the Boards of BHP Billiton
and AstraZeneca
as a Non-Executive Director.
Department for Business, Innovation and Skills
The Department for Business, Innovation and Skills is a ministerial department of the United Kingdom Government created on 5 June 2009 by the merger of the Department for Innovation, Universities and Skills and the Department for Business, Enterprise and Regulatory Reform .-Ministers:The BIS...
and the Cabinet Office
Cabinet Office
The Cabinet Office is a department of the Government of the United Kingdom responsible for supporting the Prime Minister and Cabinet of the United Kingdom....
.
Early life
She was born in UgandaUganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
in 1962 into a family of Indian origin.
Her family owned a small tea plantation but fled to India in 1972 following the Ugandan government's expulsion of Ugandan Asians, and then later to the UK. She was educated at Northwood College
Northwood College
Northwood College is an independent day school for girls aged 3 to 18. The school was founded in 1878 and is located in Northwood, London, England. It is the sister school of The John Lyon School.-History:...
before taking a degree in Philosophy, Politics, and Economics at Somerville College
Somerville College, Oxford
Somerville College is one of the constituent colleges of the University of Oxford in England, and was one of the first women's colleges to be founded there...
, Oxford
University of Oxford
The University of Oxford is a university located in Oxford, United Kingdom. It is the second-oldest surviving university in the world and the oldest in the English-speaking world. Although its exact date of foundation is unclear, there is evidence of teaching as far back as 1096...
.
Private sector career
For over 14 years Vadera was employed at investment bank UBS Warburg, where her work included advising governments of developing countries, and debt relief and restructuring. She also played a role in the partial privatisation of South African Telecom.Government adviser and minister
Following his appointment as Prime Minister in June 2007, Gordon Brown appointed her as Parliamentary Under-Secretary of StateParliamentary Under-Secretary of State
A Parliamentary Under-Secretary of State is the lowest of three tiers of government minister in the government of the United Kingdom, junior to both a Minister of State and a Secretary of State....
in the Department for International Development
Department for International Development
The Department For International Development is a United Kingdom government department with a Cabinet Minister in charge. It was separated from the Foreign and Commonwealth Office in 1997. The goal of the department is "to promote sustainable development and eliminate world poverty". The current...
. As she was not a member of either of the Houses of Parliament, she was created a life peer
Life peer
In the United Kingdom, life peers are appointed members of the Peerage whose titles cannot be inherited. Nowadays life peerages, always of baronial rank, are created under the Life Peerages Act 1958 and entitle the holders to seats in the House of Lords, presuming they meet qualifications such as...
on 11 July 2007 as Baroness Vadera The Sunday Times
The Sunday Times
The Sunday Times is a British Sunday newspaper.The Sunday Times may also refer to:*The Sunday Times *The Sunday Times *The Sunday Times *The Sunday Times...
reported that the Cabinet Secretary
Cabinet Secretary
A Cabinet Secretary is almost always a senior official who provides services and advice to a Cabinet of Ministers. In many countries, the position can have considerably wider functions and powers, including general responsibility for the entire civil service...
"flatly refus[ed] to allow her to cross the threshold of No 10 as policy enforcer" and "no Permanent Secretary
Permanent Secretary
The Permanent secretary, in most departments officially titled the permanent under-secretary of state , is the most senior civil servant of a British Government ministry, charged with running the department on a day-to-day basis...
could stand her" - although the Cabinet Secretary denied making these comments.
Following criticism of her working style, Stephen Alambritis, of the Federation of Small Businesses, said: “If the Civil Service is complaining about her, then probably more ministers should be like her; she gets things done.”
After six months as a Minister in International Development, she was moved to the Department for Business, Enterprise and Regulatory Reform
Department for Business, Enterprise and Regulatory Reform
The Department for Business, Enterprise and Regulatory Reform was a United Kingdom government department. The department was created on 28 June 2007 on the disbanding of the Department of Trade and Industry , and was itself disbanded on 6 June 2009 on the creation of the Department for Business,...
(now the Department for Business, Innovation and Skills
Department for Business, Innovation and Skills
The Department for Business, Innovation and Skills is a ministerial department of the United Kingdom Government created on 5 June 2009 by the merger of the Department for Innovation, Universities and Skills and the Department for Business, Enterprise and Regulatory Reform .-Ministers:The BIS...
). In October 2008, she also became a Parliamentary Secretary
Parliamentary Secretary
A Parliamentary Secretary is a member of a Parliament in the Westminster system who assists a more senior minister with his or her duties.In the parliamentary systems of several Commonwealth countries, such as the United Kingdom, Canada and Australia, it is customary for the prime minister to...
in the Cabinet Office
Cabinet Office
The Cabinet Office is a department of the Government of the United Kingdom responsible for supporting the Prime Minister and Cabinet of the United Kingdom....
.
On 14 January 2009 she gave an interview on ITV's Lunchtime News, which concluded:
- Alastair StewartAlastair StewartAlastair James Stewart OBE is an English journalist and newscaster. Stewart is currently employed by ITN where he is a main newscaster for ITV News.-Early life:...
: "Final and briefest thought possible – you're a former banker and business person yourself and now a minister – when will we see the green shoots of recovery? - Baroness Vadera: "Well, it's a very uncertain world right now globally but I wouldn't want to be the one predicting it. I am seeing a few green shoots but it's a little bit too early to say exactly how they'll grow."
Her reply generated commentary from a number of sources, including shadow chancellor George Osborne
George Osborne
George Gideon Oliver Osborne, MP is a British Conservative politician. He is the Chancellor of the Exchequer of the United Kingdom, a role to which he was appointed in May 2010, and has been the Member of Parliament for Tatton since 2001.Osborne is part of the old Anglo-Irish aristocracy, known in...
and former chancellor Norman Lamont, who first used the phrase "green shoots
Green shoots
Green shoots is a term used colloquially and propagandistically to indicate signs of economic recovery during an economic downturn. It was first used in this sense by Norman Lamont, the then Chancellor of the Exchequer of the United Kingdom, during the 1991 Recession. At the time, Chancellor Lamont...
" in 1991. Lamont said: "It is extremely premature to use a phrase like that."
Later that year London's Evening Standard
Evening Standard
The Evening Standard, now styled the London Evening Standard, is a free local daily newspaper, published Monday–Friday in tabloid format in London. It is the dominant regional evening paper for London and the surrounding area, with coverage of national and international news and City of London...
reported that Vadera was instrumental in the creation of an unprecedented banking rescue package. On 24 September 2009, it was announced that she would be stepping down as minister to take up a new role advising the G20
G-20 major economies
The Group of Twenty Finance Ministers and Central Bank Governors is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank...
.
Post-Government career
In April 2010, the Financial TimesFinancial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
reported that Vadera had taken up a consultancy to give strategic advice in restucturing Dubai World’s US$26billion debt. In July, the Daily Telegraph reported Vadera had become consultant to Singaporean investment company Temasek
Temasek
Temasek was the name of an early city on the site of modern Singapore. From the 14th century, the island has also been known as Singapura, which is derived from Sanskrit and means "Lion City"...
.
- “The reason people like Shriti are getting these offers is because there are very few people who understand the international finance world and the geopolitical world at a time when the financial world clearly has some issues with the political world.” said Martin Armstong of recruitment consultants Somerton Partners.
In December 2010, she was appointed to the Boards of BHP Billiton
BHP Billiton
BHP Billiton is a global mining, oil and gas company headquartered in Melbourne, Australia and with a major management office in London, United Kingdom...
and AstraZeneca
AstraZeneca
AstraZeneca plc is a global pharmaceutical and biologics company headquartered in London, United Kingdom. It is the world's seventh-largest pharmaceutical company measured by revenues and has operations in over 100 countries...
as a Non-Executive Director.