The Rest Is Money 250. Business Secretary Peter Kyle: being let down by Mandelson & the UK-China relationship
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Feb 9, 2026 Peter Kyle, UK Business Secretary overseeing trade and industry, reflects on his China trip and balancing economic opportunity with national security. He discusses attracting Chinese manufacturing to the UK, cultural exports, the AstraZeneca China collaboration, plans to back scale-ups toward a trillion-dollar company, and even a surreal fire alarm evacuation during the interview.
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Brilliance Coupled With Deep Flaws
- Peter Kyle says Peter Mandelson was "brilliant and flawed" and his flaws are only now being fully revealed.
- Kyle expects the criminal process to clarify Mandelson's role and lessons for politics.
A Relationship Fit For The Moment
- Kyle frames the China trip as creating a relationship "fit for the moment" balancing security and trade.
- He emphasises preemptively identifying sensitive areas while enabling safe economic ties.
Localise Production To Reduce Risk
- Kyle advises developing localised production so oversight and enforcement are easier.
- He says incentivising Chinese firms to manufacture in the UK reduces dependency and increases domestic benefit.