Lord Simon who ran BP from 1992 to 1995 had a modern languages degree from Cambridge and Sir Peter Walters who was chairman of BP from 1981 to 1990 graduated with a Bachelor of Commerce degree.

FORBES: Where BP Should Look For Hayward's Replacement

Lord Gavron, who ran St Ives, a printing company, has just gone into the Lords as a political appointee.

ECONOMIST: The new establishment

He does not hide his admiration for the work of Lord Young when this former businessman ran Mr Mandelson's present department for Lady Thatcher.

ECONOMIST: The white heat of Mandelson