Trade Talks with India, Greenland and Israel

Debate between Lord Leigh of Hurley and Lord Grimstone of Boscobel

Wednesday 9th March 2022 Lords Chamber

[Lord Leigh of Hurley (Con)]

My Lords, does the Minister agree that it is incumbent upon all of us to do everything we can to promote trade with all countries, particularly the three countries listed in the Question? Therefore, does he hope, as I do, that the whole House condemns the approach taken by certain local authority pension funds in imposing boycotts, divestment and sanctions on just one country: Israel?

[Lord Grimstone of Boscobel (Con)]

My Lords, I think the House recognises that trade is one of the surest ways to economic advancement for a whole range of countries. The UK is strongly committed to our trade and investment relationship with Israel, one of the Middle East’s most dynamic and innovative economies.

National Security and Investment Bill

Debate between Lord Leigh of Hurley and Lord Grimstone of Boscobel

Committee stage & Lords Hansard
Tuesday 2nd March 2021 Grand Committee

[Lord Grimstone of Boscobel (Con)]

The noble Lord, Lord Clement-Jones, and I have had the pleasure of debating these matters at a meeting prior to this Committee, and I must confess that I was probably the author of the fishing analogy, which I may live to regret. The point is that when you are dealing with matters of national security, and these matters are so important, it is perfectly appropriate to use a large net to put the fish in, but then it becomes very important that the way your screening unit works removes fish from that net as expeditiously and efficiently as possible.

[Lord Leigh of Hurley (Con)]

My Lords, I thank the Minister for his response. As the noble Lord, Lord Fox, pointed out, he almost certainly has much greater experience than all of us in this Room combined in advising on transactions. For the avoidance of doubt, sadly the noble Lord, Lord Fox, has not paid me any fees in any matter, as far as I am aware, but I travel in hope. I have to disappoint my noble friend Lord Vaizey, because it does not look like the Minister will accept his very first amendment in whole. On the other hand, I do not think he has provided a slam-dunk answer, as he hoped, to reject Amendments 3 and 4 in particular.

We are very lucky to have the benefit of my noble friend Lord Lansley’s experience and wisdom from the Enterprise Act 2002, and I accept that that is where it came from. However, I do not quite see why there should be a cut-and-paste approach. The CMA will be dealing with a relatively small number of mergers of largely public companies. This will be dealing with all sorts, from minority investments of a few thousand pounds in 15% stakes to IP and—forgive me—a completely different kettle of fish. Therefore, the last thing one wants to do is to have to rely on a traditional review to see this sorted out. That would be hugely expensive and singularly inappropriate for most of the transactions envisaged, which will be of a much larger volume than the CMA and the legislation were structured to deal with. I very much hope that the Minister will have a chance to reflect on this and that he will be persuaded in particular by the point made by the noble Baroness, Lady Bowles—arrangements in progress must be strong enough. I beg leave to withdraw.