By Claire West

Senior policy advisor at the Forum of Private Business, Phil McCabe, said of yesterday’s announcement: “Mark Prisk has had an extremely difficult job during unprecedented economic times, and we thank him for the work he has done to help the small businesses sector while in post.

“But we think now is the time for a more radical approach to jump start UK business growth, and Michael Fallon has to come out of the traps quickly with fresh eyes, fresh thinking, and be prepared to consider the unconventional."

Although Fallon is a career politician and a Thatcherite he does have some business experience because after losing his seat at the 1992 election he was a director for Quality Care Homes plc and other companies founded by Dragon's Den star Duncan Bannatyne.

Fallon was also a director of interdealer broker Tullett Prebon.

Mr McCabe added: “There’s no doubt that this is a portfolio of goliath proportions and there are mountains ahead to climb, but the Forum and all our members wish the new minister every success in the job.”