Alistair Darling, the Trade Secretary, pledged his support to Lord Browne of Madingley last night as the City gave its full backing to the former BP chief executive. Mr Darling told The Times that critics should not lose sight of the veteran’s “contribution to BP, British business and jobs in the country, which has been immense”.

His remarks came as Martin Halusa, the chief executive of Apax, the private equity group, insisted that Lord Browne would be joining as chairman of its advisory board as planned in September. He said: “Lord Browne is a man of enormous talent and we look forward to working with him.”

Goldman Sachs is yet to announce formally whether the 59-year-old peer will remain head of its audit committee.

Bankers across the City said that talk in the Square Mile yesterday was of little else than the shock at Tuesday’s turn of events and sadness at Lord Browne’s tarnished legacy.

One said: “I haven’t heard anybody putting the sword in. It’s just so sad that one of the best leaders of our time has gone in this way.”

A CBI spokesman urged those judging Lord Browne to remember him as someone who had transformed BP into a “global giant”.

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