Former entrepreneur Margot James has been appointed the new minister for small business by Prime Minister Theresa May.

Ms James, who is the MP for Stourbridge, replaces Anna Soubry, who recently resigned the position.

Ms Soubry previously worked as a journalist before her career in politics. But business owners will no doubt be pleased to see a fellow entrepreneur take the role.

Ms James was the co-founder of Shire Health Group - a clinical trial and PR consultancy - in 1986, before selling to WPP in 2004. Since then, she has been a mentor for Young Enterprise and Prince's Trust.

Unlike Ms Soubry, it is understood that the new small business minister will not attend cabinet meetings.

James Sherwin-Smith, CEO of small business, Growth Street, said: "SMEs (small and medium-sized enterprises) are responsible for the majority of private sector employment and are the growth engine of our economy. However, it is disappointing to see that the importance of small business in the new government has effectively diminished, as the brief was previously held by a Minister of State who attended cabinet.

"The new minister has a crucial role representing the interests of SMEs. In particular, I would ask the minister to focus on improving the competitive and regulatory environment for the provision of financial services to businesses, particularly in light of Competition and Markets Authority investigation that will conclude next month, and the ongoing review underway at the Financial Conduct Authority."