I'd have vetoed foreign sale of UK tech giant, says Business Secretary

Business Secretary Peter Kyle says he would have intervened to block the sale of UK microchip company ARM Holdings had he been in government at the time.

The firm, at one time considered the crown jewel of UK tech, was bought by Japanese company Softbank in 2016 before being listed in New York in 2023.

Kyle told the BBC ARM Holdings could have been biggest firm on the London Stock Exchange if it had stayed, and that "it would be 40% of the way there to the trillion-dollar company I think our country needs".

His comments come as the government sets out how it would back British technology companies, as US tech giants SpaceX, Anthropic and OpenAI prepare for blockbuster share sales in New York.

Cambridge based Arm Holdings had been listed on the London Stock Exchange until it was bought by Softbank 10 years ago for £24 billion ($32 billion). It is now listed on the New York Stock Exchange and is worth £285 billion ($380 billion).

Kyle also said he "regretted" that UK based pioneering AI company Deep Mind was acquired by Google in 2014, saying that although it continues to operate in the UK, "the wealth that it has created is going elsewhere".

Kyle was speaking during London Tech Week as the government announced a number of initiatives designed to attract and keep fast growing technology companies in the UK.

"Now, what I don't want to do is be interventionist in a way that I'm just using the powers I have to block: what I do want to do is create the circumstances where they do not want to leave in the first place," he added.