Backing Business to Create Economic Growth

Debate between Peter Kyle and John Glen

Monday 18th May 2026 Commons Chamber

[Peter Kyle]

I am grateful to the hon. Gentleman for giving me the opportunity to point out that, in my Department, the overall net regulatory burden is reducing, not expanding. I will not stand in front of the Tories and apologise for giving new rights to workers that are fit for the age we are living in. Over their entire 14 years in office the Tories failed to make sure that people have protections and rights at work that are fit for the age we are living in. We can move forward with growth in the economy that takes forward businesses and the people who work in them. That is to be celebrated, not condemned like the Tories are doing.

[John Glen (Salisbury) (Con)]

The right hon. Gentleman is, quite reasonably, setting out his assertions about where he wants the Government to go, but does he not see the irony? After all the events of last week, the cost of borrowing in the UK is higher than that of many of our competitors, and all business leaders say they feel the instability. The right hon. Gentleman’s words will not ring very true for people who seriously wonder about the Government’s future direction, with putative leadership contenders talking about fundamental changes in direction and different fiscal rules.

[Peter Kyle]

The right hon. Member mentions irony; this is from the party that gave us the Liz Truss mini-Budget, which wreaked havoc on our economy. Mortgage rates went up for every mortgage holder across the country, with inflation peaking at 12%, yet the Conservatives talk about instability. The country still lives with the instability that they wreaked on it.

Our major expansion of DRIVE35 is channelling investment into batteries, electric motors and power electronics—part of the biggest Government investment in the British car industry since the second world war. “Invest”, “modernise” and “protect” are the watchwords for the new industrialisation of Britain through our biggest industries, our biggest sectors and our boldest companies.

Artificial Intelligence Opportunities Action Plan

Debate between Peter Kyle and John Glen

Monday 13th January 2025 Commons Chamber

[Peter Kyle]

The people of Exeter will experience many benefits through this Government’s digital technology programme. We have created the digital centre of Government because previously digital services were dispersed across Government. The Government often bought off-the-shelf products and services from big providers, because the capacity did not exist in Government to understand, develop, deploy and program services in-house. We now have a powerful digital centre of Government, which is working alongside tech companies and often developing in-house. I am really excited that in the days and weeks—not months and years—that lie ahead, we will tell the public more about what the digital service is delivering for citizens across this country.

[John Glen (Salisbury) (Con)]

I draw the House’s attention to my entry in the Register of Members’ Financial Interests.

I welcome the Government’s ambition in this space, but one area of significant challenge to many tech companies that I have observed and invested in over 20 years has been the ecosystem of investment in the UK. May I urge the Secretary of State to work closely with the Parliamentary Secretary, His Majesty’s Treasury, the hon. Member for Wycombe (Emma Reynolds), who is undertaking valuable work on pension reforms, so that we can intensify the understanding in the City of the opportunities that exist in this new sector, particularly at series C and before, where there is a gap? It has a meaningful impact on the growth potential of so many businesses across this country.

[Peter Kyle]

The right hon. Gentleman raises an incredibly pertinent point, and he mentions one of the great challenges. There are many challenges in this agenda, which is why we are striving so hard to get as much progress as we can. Removing one of the key barriers to not just upscaling innovation, but keeping it in this country, involves making sure that the investment landscape is comprehensive and swift enough—not just at spin out and scale up, but when we get to the point where we need the further rounds of investment that he mentions. Sometimes that is in the hundreds of millions of pounds, and sometimes it takes time to become profitable. Taking that kind of investment risk is essential.

I can assure the right hon. Gentleman that the Chancellor and my hon. Friend the Parliamentary Secretary are both working intensively on pension reform. We did so in opposition, and we are carrying on with the Mansion House process. We want to make sure that the investment landscape in this country is world class. Right now, we have some work to do, but we are getting there.