I am honoured that the new Prime Minister, Andy Burnham, has asked me to serve as Secretary of State for Business, Innovation, Science and Trade. Having previously served as Business Secretary, it is a privilege to return to an expanded department that brings together business, science, innovation and trade under one roof.
I have always believed that business and government can work in partnership to raise living standards and create opportunity. Bringing science and innovation back alongside business policy is particularly exciting. Britain’s future prosperity will depend on our ability to turn great ideas into successful businesses, good jobs and economic growth.
I am proud of what we achieved during Labour’s first period in government. We hosted a record-breaking International Investment Summit, secured major trade agreements with the European Union, the United States and India, saved British Steel and the Harland & Wolff shipyards, and published both a new Industrial Strategy and a plan for small businesses.
I know that the political events of recent weeks will have caused concern for many business leaders. Seven Prime Ministers in ten years is not something any country should be comfortable with. Businesses need confidence, certainty and stability if they are going to invest and grow. The challenge now is to provide that stability and focus relentlessly on delivery. Britain needs stronger growth, but it also needs growth that reaches every community and every postcode. The benefits of economic success cannot be concentrated in just a few places.
That means maintaining a strong partnership between government and the private sector. Businesses, entrepreneurs and innovators are not obstacles to growth; they are the people who create it. My commitment is that they will have an active, engaged and accessible Business Department working alongside them.
My first days in the role have already underlined the scale of the opportunity ahead. One of my first tasks was explaining how the Government’s decision to cut VAT on household fuel bills will help families with the cost of living. I then travelled to the Farnborough International Airshow, where we announced more than £600 million of public and industry investment to support Britain’s aerospace sector, helping secure thousands of highly skilled jobs and backing world-leading innovation.
As I walked around Farnborough and met businesses helping shape the future of aviation and manufacturing, I was reminded of the strengths Britain already possesses. We have world-class companies, outstanding universities, talented workers and a long tradition of innovation. Our task is to create the conditions in which those strengths can flourish.
That is the job ahead of me. And it is one I am excited to get on with.