Michael Dugher, chief executive of the Betting and Gaming Council, has congratulated Kwasi Kwarteng on his appointment as the new Business Secretary.

The Conservative MP is replacing Alok Sharma, who has been named president of the UN COP26 climate conference, which is taking place in Glasgow in November.

Mr Kwarteng, the MP for Spelthorne, has been on the Government frontbench since 2018, but it will be his first Cabinet role.

Mr Dugher said: “I would like to congratulate Kwasi on this richly-deserved promotion, and I look forward to working with him in his new role.

“The betting and gaming industry contributes £8.7bn to the economy, pays around £3bn a year in tax and employs 100,000 people, and we stand ready to help with the UK’s economic recovery once we are through the pandemic.”

The BGC boss also paid tribute to the work done by Mr Sharma, saying: “Alok was very supportive when betting shops were re-opened safely along with the rest of the non-essential retail in June, and his help was greatly appreciated by the industry.

“I wish him the very best of luck as president of COP26.”