Peter Kyle, the newly appointed business and trade secretary, has promised an “ambitious” agenda to accelerate growth and boost confidence among Britain’s corporate leaders. In his first act since taking over from Jonathan Reynolds, Mr Kyle convened a weekend conference call with chief executives from some of the country’s biggest firms, including BAE Systems, Heathrow Airport, Microsoft UK, NatWest and Octopus Energy. Business groups such as the CBI, FSB and Make UK also joined the discussion. According to participants, Mr Kyle said he wanted the government to work hand in hand with industry, using the British Business Bank to fuel expansion and help make the UK the world’s best destination for start-ups and scale-ups. He also outlined an ambition rarely expressed so directly by ministers: to support the creation of Britain’s first trillion-dollar company.
Reaching for a Trillion-Dollar Milestone
On the call, Mr Kyle told business leaders that his long-term goal was to see a UK company join the exclusive club of firms valued at more than $1 trillion, a threshold so far only crossed by a handful of US giants including Apple, Amazon and Nvidia. He argued that such ambition was vital if Britain was to compete with global rivals and reverse years of sluggish growth. “We haven’t maximised the potential in this country,” he later said in a statement. “I’m ambitious in wanting to see the first trillion-dollar company emerge from the UK.”
Policy Continuity and Wider Agenda
Mr Kyle said his move from the Department for Science, Innovation and Technology (DSIT) into the Department for Business and Trade (DBT) would allow him to align innovation, finance and trade policy more closely. He suggested the British Business Bank could play a stronger role in supporting high-growth firms. The minister also promised a greater focus on encouraging risk-taking, echoing themes set out in recent months by chancellor Rachel Reeves. Business leaders on the call were told that Sir Keir Starmer had given Mr Kyle licence to pursue growth opportunities in collaboration with DSIT, the Treasury and the Department for Work and Pensions.
Immediate Diplomatic Priorities
Mr Kyle also briefed executives on his first overseas assignments. He was due to travel to Washington on Sunday to prepare for President Donald Trump’s forthcoming state visit, before heading to China to stand in for Jonathan Reynolds in talks with senior officials. The trips underline the dual domestic and international focus of his brief as ministers seek to position Britain as a competitive trading hub while strengthening diplomatic and economic ties with major powers.
Business Leaders’ Response
While no formal reaction has yet been published by participants, several insiders described the call as a signal of intent from the new business secretary. The inclusion of major corporate leaders alongside industry groups suggested Mr Kyle was seeking to build credibility quickly. He stressed the need for government to act as “an active partner that delivers success, supports new business and backs wealth creation.” Officials said his central message was that economic growth was the government’s “number one mission” and that delivery must be “creative and unrelenting.”
