I'd have vetoed foreign sale of UK tech giant, says Business Secretary
Summary
Business Secretary Peter Kyle said he would have stopped the sale of UK microchip company ARM Holdings to a foreign buyer if he had been in government then. He spoke about plans to support British tech companies and keep them growing in the UK, while also noting challenges in other industries like hospitality.Key Facts
- ARM Holdings was sold to Japanese company Softbank in 2016 for £24 billion.
- ARM is now listed on the New York Stock Exchange and valued at around £285 billion.
- Peter Kyle regrets the sale of UK AI firm DeepMind to Google in 2014, saying wealth from it goes abroad.
- The government plans to invest more public money in promising UK tech companies.
- A new government service will help tech firms get skills, financing, and other support.
- The government wants to create conditions so tech companies do not want to leave the UK.
- Some sectors such as hospitality are struggling due to wage increases and higher employer costs.
- The government is working with experts to address challenges faced by young workers entering the job market.
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