Lord Craig of Radley
Main Page: Lord Craig of Radley (Crossbench - Life peer)(11 years, 10 months ago)
Lords ChamberIt is important that BAE Systems, as an independent organisation, now delivers a strategy and business plan to satisfy its shareholders in terms of its future. As a Government, we will be looking very closely at that because we are obviously highly dependent on the company for our defence support. However, this is a terrific British business. It is not a business that we should question. It turns over £19 billion and is therefore of significant value to the economy. It makes £1.6 billion profit, which is of significant value to the taxpayers, and employs some 35,000 people. We look to hear from BAE on this matter, but I thank the noble Lord for this very topical Question at a very apposite time.
My Lords, is this outcome entirely satisfactory from the Government’s point of view?
The Government have been totally clear all along. It is up to the two companies—and countries, for that matter—to decide whether this is a suitable engagement. We also have to remember that EADS is a big employer in this country. It is responsible for the Eurocopter, which is very important to our defence needs. It employs 17,000 people and is therefore a significant independent company.