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Britain's leading entrepreneurs will today hold the inaugural meeting of a new national business council formed by the prime minister.

Gordon Brown announced the creation of the Business Council for Britain earlier this year, with Downing Street revealing that the body would advise him "on issues that affect enterprise, business and the long-term productivity and competitiveness of the economy".

The Apprentice star Sir Alan Sugar and Virgin founder Sir Richard Branson are among the big-hitters on the council, while Tesco chief executive Sir Terry Leahy, Marks and Spencer boss Stuart Rose and Vodafone chief Arun Sarin are among others on the exclusive panel.

Mervyn Davies, chairman of the Standard Chartered Bank, will head the group, which is expected to meet three times a year.

However small business leaders have criticised the government's failure to include representatives from within their sector.

Stephen Alambritis, head of parliamentary affairs at the Federation of Small Businesses (FSB), said he was "slightly concerned" that no one would be present at the meeting to represent the interests of small firms.

"Just the message it sends is that it's a big business message and it would have been much more sensible if there had been some small business representation," he told BBC Radio Five Live.

Meanwhile the Conservatives have warned the prime minister against using senior business figures as his "personal trophies".

According to reports the first meeting of the Business Council for Britain, to be held at Downing Street, will focus on issues such as globalisation, climate change and workplace skills.

Downing Street has previously said that the council will advise the government on its ongoing policies and priorities and conduct reviews into areas it believes will "determine the future economic well-being of the UK".

It will also have the power to establish special commissions to make recommendations for reform on key issues.