Peter Kyle, the new business and trade secretary, has pledged to deliver an “ambitious” growth agenda, telling the bosses of some of Britain’s biggest companies that he wants the government to play a role in creating the UK’s first trillion-dollar company.
Sky News has learnt that Mr Kyle held a hastily convened call with business leaders on Saturday afternoon following his appointment as Jonathan Reynolds’ successor.
The call was joined by chief executives or their equivalents from companies including BAE Systems, Heathrow Airport, Microsoft UK, NatWest Group and Octopus Energy.
Representatives of business groups, including the CBI, FSB and Make UK also participated, according to insiders.
Mr Kyle said the overlap between the Department for Business and Trade (DBT) and Department for Science, Innovation and Technology (DSIT), where he was previously the secretary of state, meant he would seek to deploy the resources of the British Business Bank to fuel economic growth.
He said he wanted the UK to become the best place in the world for start-up and scale-up companies, adding that he understood the importance of a long-term approach to building business confidence.
Among his ambitions, he said, was for the government to help assist in the creation of Britain’s first company worth at least $1trn – a milestone achieved by only a few US-based companies, including Amazon, Apple and Nvidia.
Mr Kyle told bosses he would fly to Washington on Sunday to help prepare for President Donald Trump’s forthcoming state visit, before travelling to China in place of Mr Reynolds for talks with officials.
He added that Sir Keir Starmer had given him a licence to pursue growth opportunities in conjunction with DSIT, the Treasury and the Department for Work and Pensions.
The new business secretary added that he wanted a greater focus on risk-taking, reflecting a drive by Chancellor Rachel Reeves in recent months.
Responding to an enquiry from Sky News, a government spokesman issued a statement from Mr Kyle saying: “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.
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“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 to emerge from the UK.”
