Former cabinet minister joins HCT board
A senior former member of the cabinet has been appointed as the new chair of Hackney Community Transport.
Sir Vince Cable was secretary of state for business innovation and skills and president of the Board of Trade in the coalition government of 2010-2015. He was deputy leader of the Liberal Democrat party between 2007 and 2010 and shadow chancellor 2003-2010.
Cable was one of the higher profile MPs to lose his seat at the last election, having been the member of parliament for Twickenham since 1997.
Speaking about his appointment at HCT Group, Sir Vince said: “I am a great believer in the potential of social enterprise to create social justice, using business to address the pressing social issues of our times. HCT Group exemplifies this, competing in its markets and striving to make a positive social impact – which is why I am so excited about my new role. ”
His appointment is the second this year to feature a former prominent MP. In January the Social Investment Business announced Hazel Blears as Chair.
An MP for Salford from 1997 to 2015, Blears served as secretary of state for Communities and Local Government, public health minister and Chair of the Labour party in a distinguished political career.
Describing itself as a community transport bus operator, HCT uses the profits from its commercial services such as red bus routes and school buses to fund transport for the most marginalised in society. At the tail end of last year it was the recipient of £10m, the the largest growth capital investment in the UK impact investing sector.
Dai Powell, chief executive of HCT Group, added: “At a time when our commercial environment is changing rapidly, Sir Vince not only brings a deep understanding of the political landscape and experience of industry, but also a real commitment to the values of the organisation as a social enterprise.
"We are very pleased to have Sir Vince joining us – we have ambitious plans for the future and I look forward to working with him in the months and years ahead.”
Photo credit: Foreign and Commonwealth Office