Business Secretary Peter Kyle is set to announce a new drive to protect Britain's most promising start-up companies from being bought by foreign rivals, Sky News understands.
Industrial Strategy Delivering Billions in Investment
The minister will make the pledge at a high-profile gathering of business leaders in Central London on Tuesday evening. He is expected to tell executives that the government's modern Industrial Strategy, launched last summer, has already secured billions of pounds in new investment commitments and created tens of thousands of jobs.
Mr Kyle, who took over the business brief from Jonathan Reynolds in last autumn's cabinet reshuffle, will argue that while progress has been made, the government remains relentless in its pursuit of growth. A source close to the Business Secretary said the event would be used to outline ambitions for slashing red tape, removing burdensome legislation, and leveraging the financial power of UK institutions to invest in frontier industries.
Protecting British Innovation from Overseas Predators
The core of his message will be a promise of government action to shield fast-growing UK firms. "We must protect promising start-ups from being swallowed up by foreign competitors," the source stated. "We will do everything we can to ensure that the best British businesses invest here, scale here, and stay here."
This move follows a string of overseas acquisitions of valuable British technology and science companies in recent times. However, the exact nature of the protective measures being considered by the government remains unclear.
Davos Talks Clouded by Economic Performance
Mr Kyle's speech comes just days before he travels to the World Economic Forum in Davos, Switzerland, to promote a new wave of global investment into the UK. The trip will see him joined by Chancellor Rachel Reeves.
Nevertheless, Britain's sluggish economic performance is expected to inevitably cloud discussions with international investors next week. Ms Reeves is also likely to face questions in Davos about whether her recent budget decisions have applied the brakes to new investment.
The London event will be attended by senior figures from major companies including Alphabet, Barclays, BP, National Grid, Octopus Energy, and Revolut. The ten-year industrial strategy prioritises eight key economic areas, such as defence, life sciences, and advanced manufacturing.
