EQUITY LOBBY BOSS RESIGNS.

THE chief executive of Britain's leading private equity lobby group resigned yesterday after criticism from unions and politicians.

The British Venture Capital Association said Peter Linthwaite was quitting "with immediate effect".

On Tuesday, he faced attacks about the industry's conduct from MPs on the Treasury Select Committee.

Paul Kenny, general secretary of the GMB union, who have slammed the private equity industry over jobs and company buy-outs, said yesterday: "He had an impossible job.

"He had to cover up abuses of elements within private equity, deny the industry gets tax breaks costing billions and portray it as decent, transparent and progressive."

The BVCA represent almost every UK-based private equity and venture capital business.

They have put in place the process to recruit a new chief executive.

In the meantime, former chief executive John Mackie will return as a part-time consultant.