Business secretary in plea to wealth creators fleeing UK

Business secretary Peter Kyle will try to persuade wealth creators to stop fleeing Britain when he attends the Davos summit this week.

Kyle is travelling to the annual gathering of business and political leaders at the World Economic Forum in the Swiss mountain resort.

It comes as Labour’s tax raids on property and inheritance taxes have provoked an exodus of the wealthy from the UK.

A source close to the business secretary said he would be ‘banging the drum for UK plc’.

Kyle will be meeting ‘founders and leaders looking to move to the UK’ as well as ‘British businesses he wants to persuade to stay and build’.

The source said he would also be having meetings with government counterparts from across the globe.

And there will be a dinner bringing together ‘innovative firms and major players’.

That will include Kraken, the tech firm being spun out of Octopus Energy. It has raised speculation of public listing for Kraken – and will prompt another tug of war between London and New York to host its initial public offering (IPO).

Kyle said: ‘I’ll be promoting the UK’s unique position on the world stage.

‘The UK’s unique pitch offers investors and innovators the best of all worlds – incredible universities, cutting edge research, the English language, stable government, openness and welcome to global talent.

‘My message to those I’m meeting is other countries might have an ace – but Britain’s holding a royal flush.’

Kyle will be part of a UK delegation also including Rachel Reeves, who is due to speak at the summit as well as at an event hosted by Bloomberg, among her engagements.

Tory shadow chancellor Mel Stride will also attend as will Reform UK leader Nigel Farage.

The summit will be dominated by the return of Donald Trump for the first time since he returned to the White House.