Legal & General chief executive Sir Nigel Wilson has turned down a job serving in Liz Truss’s cabinet.
Wilson was offered the role of minister for investment, but turned it down to focus on the insurance to housebuilding giant he has been running for more than a decade.
The job would have come with a peerage for Wilson, as he would have to have served his post from the House of Lords benches.
The ministerial role will instead go to Jacob Rees-Mogg’s business partner, Dominic Johnson. Rees-Mogg and Johnson co-founded Somerset Capital, which put itself up for sale this month.
