Newly appointed business and trade secretary Peter Kyle has pledged to pursue an “ambitious” growth agenda, telling senior executives that the government should play an active role in creating the UK’s first trillion-dollar company.
Business Matters understands Kyle held a hastily arranged call with corporate leaders on Saturday afternoon after succeeding Jonathan Reynolds in the role. Attendees included executives from BAE Systems, Heathrow Airport, Microsoft UK, NatWest Group and Octopus Energy, alongside representatives from the CBI, FSB and Make UK.
Kyle told bosses that his experience at the Department for Science, Innovation and Technology (DSIT) would be an asset in his new position, with plans to deploy the resources of the British Business Bank to drive growth. He said his goal was to make Britain the best place in the world for start-ups and scale-ups, and stressed the importance of long-term stability to boost business confidence.
Among his ambitions, he said, was for the UK to nurture its first $1trn company — a milestone achieved only by a handful of US tech giants such as Amazon, Apple and Nvidia.
Kyle also confirmed he would travel to Washington on Sunday to help prepare for President Donald Trump’s forthcoming state visit, before heading to China for talks with officials. He said Prime Minister Sir Keir Starmer had given him licence to pursue growth opportunities in partnership with DSIT, the Treasury and the Department for Work and Pensions.
Echoing the Chancellor’s recent rhetoric, Kyle said he wanted government policy to encourage greater risk-taking in business.
In a statement issued through the government, he said: “I want government to be seen as an active partner that delivers success, supports new business and backs wealth creation. This government’s number one mission is economic growth. We need to crack on and do it. We must double down, while being creative and unrelenting in pursuit of our goal. I want this to be the greatest place to start a business or scale up. We haven’t maximised the potential in this country, and I’m ambitious in wanting to see the first trillion-dollar company emerge from the UK.”
Kyle’s remarks set the tone for what is expected to be a more interventionist business department, seeking to blend innovation policy with industrial strategy in the pursuit of growth.