New business and enterprise minister Michael Fallon will be responsible for the retail portfolio at the Department of Business, Innovation and Skills following the Government reshuffle.

The Sevenoaks Conservative MP is an experienced minister who previously served under Margaret Thatcher and John Major.

He takes over from Mark Prisk, who became housing minister at the Department for Communities and Local Government in the reshuffle.

Fallon has responsibility for business and small business as well as deregulation, regional and local economic development, business support, Olympic legacy and the Royal Mail. He will also be the Commons spokesman on trade and investment.

He started his political career in 1983 as MP for Darlington and also has business credentials. He created a nursery chain with Dragon’s Den star Duncan Bannatyne in the 1990s.

Fallon is currently a director at leading city brokerage Tullett Prebon.