Britain‘s trade and industry secretary, Peter Mandelson (pictured), has resigned from the government following controversy over a #373,000 ($615,000) loan he received from fellow minister, Geoffrey Robinson, the UK‘s paymaster general.

Stephen Byers has been named as Mr Mandelson‘s replacement in the trade and industry post. The job includes heading the Department of Trade (DTI), the government body responsible for sponsorship of the UK‘s insurance industry