National Security and Investment Bill

Debate between Lord Sharma and Nusrat Ghani

2nd reading & 2nd reading: House of Commons
Tuesday 17th November 2020 Commons Chamber

[The Secretary of State for Business, Energy and Industrial Strategy (Alok Sharma)]

I beg to move, That the Bill be now read a Second time.

Our country has always been a beacon for inward investment and a champion of free trade. We recognise and celebrate the positive impact of these twin policies in delivering prosperity and opportunities across the United Kingdom. Over the past 10 years, the UK has attracted around three quarters of a trillion dollars of foreign direct investment, which in turn has helped to create 600,000 new jobs in our country.

In 2019-20 alone, more than 39,000 jobs were created in England thanks to foreign direct investment projects, with more than 26,000 of those jobs created outside London. Almost 3,000 jobs were created in Scotland, and more than 2,500 in Wales and 2,000 in Northern Ireland respectively. That is why we will continue to work relentlessly to ensure that the UK remains a great place to do business and invest. That approach is more important than ever as we look to business to create jobs in our recovery from covid-19.

The UK is very much open for business, but being open for business does not mean that we are open to exploitation. An open approach to international investment must also include appropriate safeguards to protect our national security. Those are not conflicting approaches; prosperity and security go hand in hand. Otherwise, we leave the United Kingdom open to the risk of being targeted and compromised by potential hostile actors who are looking to disrupt our economic and wider security.

[Ms Nusrat Ghani (Wealden) (Con)]

From the moment that this Bill was started to now, we have learnt a lot more about security and infrastructure.  Does my right hon. Friend share my concerns that the Chinese national intelligence law requires Chinese firms to assist with state intelligence work? This was brought to light for me when TikTok gave evidence to the Business, Energy and Industrial Strategy Committee. I am incredibly anxious about the data that it could potentially be harvesting and sharing back with its parent company, ByteDance.

[Alok Sharma]

I know that my hon. Friend cares very deeply about this issue and, indeed, she and I have had discussions about it. I would say to her that the Bill is agnostic as to the domicile of an acquirer. I think that that is right and proper, but it is also right and proper that we look at every single transaction on a case-by-case basis. Let me assure her that if there are security concerns with any transaction, of course we will act.

Oral Answers to Questions

Debate between Lord Sharma and Nusrat Ghani

Tuesday 10th November 2020 Commons Chamber

[Alok Sharma]

The hon. Gentleman knows me quite well and I think he will understand, at least in private, that I do very much care, as does every Member of this House. He talks about those who are not able to get access to this scheme, and, obviously, one issue relates to those who are paid in dividends. As he knows, Her Majesty’s Revenue and Customs has made the point that it is difficult to distinguish between income earned through an individual’s own company dividends and dividends that have been paid from holding shares in other companies. If the hon. Gentleman has suggestions as to how we might overcome this, I would be interested to work with him.

[Ms Nusrat Ghani (Wealden) (Con)]

What steps his Department is taking to support the manufacturing sector.

--- Later in debate ---

[The Secretary of State for Business, Energy and Industrial Strategy (Alok Sharma)]

I want to thank those in the manufacturing sector for the brilliant work they are doing to support the economy and keep it going. Despite the national restrictions, the manufacturing and construction sectors can continue to operate and are doing so. Thus far, the manufacturing sector has benefited from about £5 billion of furlough grants and £4 billion of government-backed loans.

[Ms Ghani]

I thank the Secretary of State for his response. I wish to seek further assurances on behalf of my three local chambers of commerce—Hailsham, Crowborough and Uckfield. What further support can be provided for small and medium-sized manufacturing firms in my constituency, not only during covid, but during transition next year?

UK Internal Market: White Paper

Debate between Lord Sharma and Nusrat Ghani

Thursday 16th July 2020 Commons Chamber

[Alok Sharma]

I am not sure how I respond to all that, except to say that the proposal we are putting forward is about protecting businesses and jobs across the whole UK.

[Ms Nusrat Ghani (Wealden) (Con)]

I welcome the Minister’s statement. Does he agree that these proposals will maintain current economic freedoms, which are vital to ensure that all of our nations survive and thrive post covid? This is good news for business and for job security, and, fundamentally, it enables us to level up across our great United Kingdom.

Oral Answers to Questions

Debate between Lord Sharma and Nusrat Ghani

Tuesday 16th June 2020 Commons Chamber

[Alok Sharma]

As the hon. Member will know, the latest figures show that over 49,000 loans have been approved, to the value of more than £10 billion. There is a significant number of lenders attached to the CBIL scheme, but if he has specific cases, he should definitely come and talk to me.

[Ms Nusrat Ghani (Wealden) (Con)]

I would like to put on record my remembrance of my good friend, Jo Cox. In the Business, Energy and Industrial Strategy Committee, we are undertaking an inquiry into the impact of covid on our major industries. All of them rely on our maritime and ports sector to keep the supply chain going. Of the £22 billion—a vast sum of money—that is being put together for research and development, how much will be allocated to maritime innovation and tech?

[Alok Sharma]

I pay tribute to my hon. Friend for all the work that she did as shipping Minister. We have made the commitment to £22 billion a year by 2025. That is the biggest increase in public funding of R&D, and no doubt, as projects come forward from that sector, we will look at them.