Prime minister Keir Starmer has carried out a reshuffle of his Cabinet and junior ministers. It follows Angela Rayner’s resignation as deputy prime minister and housing secretary after she admitted to not paying enough enough stamp duty on the purchase of a new property.
It was an extensive reshuffle with many roles changed. Here are the key appointments of interest to small business owners.
Department for Business and Trade
The new business secretary is Peter Kyle, who was previously science, innovation and technology secretary. Kyle replaces Jonathan Reynolds who is now parliamentary secretary to the Treasury (chief whip).
In a meeting with business groups shortly after his appointment he pledged to deliver an “ambitious” growth agenda with the government aiming to help create the UK’s first trillion-dollar business.
Another aim is for the UK to become the best place in the world for start-up and scale-up companies, he said, with a greater focus on risk-taking.
Small business minister Gareth Thomas, who was appointed to the role on 9 July 2024, has lost his job. Exact ministerial portfolios have yet to be confirmed but he will be replaced by either Blair McDougall MP or Kate Dearden MP, who have both been appointed as a parliamentary under-secretary of state.
The small business minister job is a key one following the recent publication of the government’s small business plan for how ministers intend to support small companies and entrepreneurs.
In a joint role in the Treasury, Jason Stockwood, entrepreneur, investor, former CEO of Simply Business and co-owner of Grimsby Town Football Club, is the new investment minister. He has been given a life peerage.
Stockwood replaces Darktrace founder Poppy Gustafsson who was appointed to the investment minister role in October 2024. She resigned from the role.
Employment rights minister Justin Madders lost his job in the reshuffle. With Angela Rayner he was responsible for the controversial Employment Rights Bill. An article in the Guardian said the “reshuffle…raises fears over future of Labour’s workers’ rights bill” with suggestions it might be watered down to appease business groups.
Sharing the Guardian article on X, Madders said: “Let’s hope these fears are unfounded because it would be really, really foolish for the Government to row back on key manifesto commitments that are popular with the public and will show what a positive difference a Labour Government can make.”
Department for Science, Innovation & Technology
The new science, innovation and technology Secretary is Liz Kendall, MP for Leicester East. She was previously work and pensions secretary.
Another new appointment to the Department is Kanishka Narayan, MP for Vale of Glamorgan. Prior to being elected to Parliament in July 2024, he was an investor and adviser to start-ups. In his local consistency, he has launched All Hands On Tech which promises to create 1,000 digital technology jobs in the area by 2030.
We are keeping this post updated as exact ministerial roles are announced.