Stories

Wed, 10 Jun 2026

Wed, 10 Jun 2026 I'd have vetoed foreign sale of UK tech giant, says Business Secretary

Peter Kyle's comments come as the government sets out how it would back British technology companies.

* Business Secretary Peter Kyle says he would have intervened to block the sale of ARM Holdings if he had been in government at the time.
* Kyle claims ARM Holdings could have become the largest company on the London Stock Exchange and worth $1 trillion, which would be a significant asset for the UK.
* He "regrets" that Deep Mind was acquired by Google in 2014, saying the wealth created by the company is now going elsewhere.
* The government has announced initiatives to attract and keep fast-growing tech companies in the UK, including: + Increasing investments of taxpayer money in promising companies + Creating a cross-government concierge service to help companies get the skills, finance, and support they need.
* Kyle admits that other sectors, such as hospitality, are struggling due to rising costs and national living wage increases.
* He acknowledges that there is a "lost generation" of young workers, with over 1 million people not in employment, education, or training (NEETs).
* The government is working with Alan Milburn to address this issue.