"He took public control of the bus network in a way that has genuinely improved the network... but it is still delivered by private companies," said Reynolds.
Government officials plan to collaborate with industry leaders and trade unions to refine employment frameworks and encourage regional development initiatives.
"I want [business] to come to us and say, 'Look, if you meet us a little bit of the way, this is what we can do', because we all [government, business and unions] have the shared purpose of getting more young people into work," said Reynolds.
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The business secretary reassured markets regarding the broader regulatory climate for prospective investors. "The UK is always going to be a safe place to do business," said Reynolds.
