Ex HBOS head for state bank role

Sir Peter Burt, the former chief executive of Bank of Scotland, has been appointed to advise the government on setting up its new state-run business bank. Sir Peter will chair a board advising Vince Cable’s Department for Business, Innovation and Skills on choices such as what sectors to invest in. The business bank, which is being set up in order to plug a private sector funding hole, is supposed to be operational by 2014.