Peter Kyle pledges ambitious growth agenda for UK business

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Peter Kyle, the new business and trade secretary, has pledged to deliver an “ambitious” growth agenda, telling leaders of some of Britain’s largest companies that he aims for the UK to create its first trillion-dollar firm. Sky News reported that Mr Kyle convened an urgent call with business executives on Saturday afternoon following his appointment as Jonathan Reynolds’ successor. Those taking part included chief executives from BAE Systems, Heathrow Airport, Microsoft UK, NatWest Group, and Octopus Energy, alongside representatives from business organisations such as the CBI, FSB, and Make UK.

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Mr Kyle said the overlap between the Department for Business and Trade (DBT) and the Department for Science, Innovation and Technology (DSIT), where he previously served as secretary of state, would allow him to deploy resources from the British Business Bank to support economic growth. He emphasised the UK’s potential as the best location for start-ups and scale-up companies, noting the importance of a long-term approach to building business confidence. Among his ambitions is to help establish Britain’s first company valued at $1 trillion, a milestone currently achieved only by a handful of US firms such as Amazon, Apple, and Nvidia.

The business secretary told executives he would travel to Washington to prepare for President Donald Trump’s forthcoming state visit, before heading to China for discussions in place of Mr Reynolds. He added that Sir Keir Starmer had given him authority to pursue growth opportunities in collaboration with DSIT, the Treasury, and the Department for Work and Pensions. Mr Kyle also emphasised the need for greater focus on risk-taking, reflecting a drive by Chancellor Rachel Reeves in recent months.

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In a statement, Mr Kyle said he wanted the government to be “an active partner that delivers success, supports new business, and backs wealth creation”. He added: “This government’s number one mission is economic growth. We must double down while being creative and unrelenting in pursuit of our goal. I want the UK to be the greatest place to start a business or scale up. We haven’t maximised the potential in this country, and I am ambitious in wanting to see the first trillion-dollar company emerge from the UK.”