GKN: Proposed Takeover by Melrose
Debate between Layla Moran and Greg Clark(6 years, 8 months ago)
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Greg Clark
I am grateful to my hon. Friend for his question. My understanding is that there have been discussions between the Ministry of Defence and Melrose. Should the bid be successful, the MOD and other agencies would then need to form a view as to any consequences it had for national security and advise me accordingly.
Layla Moran (Oxford West and Abingdon) (LD)
I have a constituency interest: the GKN Innovation Centre lies in Abingdon. Under the 2002 Act, the Minister is able to test whether or not such takeovers are in the public interest, but only for very specific things. Does this not show us that we need to look again at the public interest test, so that it can look at things such as the industrial strategy and the UK’s capability to deliver R&D?
Greg Clark
R&D was one of the important matters that I specified in my letter about which it is in the public interest for commitments and assurances to be given. Commentary has been made on that, and the hon. Lady will want to study what has been said, in particular about Abingdon. The tests for public intervention are long standing, consistent and required by European law, and they relate to financial stability, media plurality and national security. For many years, they have limited the grounds for intervention, which is why it seems right and appropriate, where there are wider issues of concern, that I should use my ability to write to and press the company to be clear about its intentions.
Oral Answers to Questions
Debate between Layla Moran and Greg Clark(7 years, 5 months ago)
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Greg Clark
I do indeed. Having visited Cannock Chase with my hon. Friend, I know that she is a great champion of the businesses there. It is fair to reflect that the confidence of manufacturers and employers in other sectors is high. As the CBI attested this week, it is high across the country, including in Cannock Chase.
Layla Moran (Oxford West and Abingdon) (LD)
8. What discussions he has had with Cabinet colleagues and other key stakeholders on the potential effect of the UK leaving the Euratom treaty on energy suppliers and on the availability of radioisotopes for the NHS.