Sky News has learnt Hindmarch, the UMG chairman and chief executive Sir Lucian Grainge and Tim Bevan, the co-founder of film producer Working Title are expected to be appointed by Kemi Badenoch, the business and trade secretary.

Sources said an announcement is expected later this month.

The Board of Trade was originally established as a vehicle for promoting international trade links in the 17th century, but was dormant for decades until its revival in 2017.

Ms Badenoch serves as its president, and is said by Whitehall insiders to be keen for it to gain greater prominence under her stewardship.

Comprising different membership, it has already met since she took on ministerial responsibility for international trade.

Last month, Ms Badenoch travelled to India ahead of the G20 summit there to hold renewed talks about a trade deal between the two countries.

Sky News revealed this weekend that Tata Steel, the Indian-headquartered company, was in advanced negotiations with the government about a £500m state aid package to secure the future of its Port Talbot plant in South Wales.

The identities of the remaining members of the Board of Trade were unclear this weekend.

A spokesperson for the Department for Business and Trade declined to comment on Sunday.