Newport Wafer Fab Sale
Debate between Angela Richardson and Amanda Solloway(3 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Amanda Solloway
The Government have looked closely at the transaction and do not consider it appropriate to intervene at the current time. However, as the Prime Minister made clear at the Liaison Committee last week, he has asked the National Security Adviser to review this.
Angela Richardson (Guildford) (Con) [V]
The pandemic has shown us the importance of supply chains and of the ability to produce the materials we need here in the UK. We also know that semiconductors are a vital component of many of the day-to-day items that we use and take for granted. A disruption to the supply chain of semiconductors will have far-reaching consequences. Will my hon. Friend set out what steps the Government are taking to strengthen their powers in relation to the threat of hostile investment?
Amanda Solloway
In 2020, the Government amended the Enterprise Act 2002 so that we could intervene in mergers and takeovers that threaten our ability to combat a public health emergency such as coronavirus. As the House will know, we have recently overhauled our investment screening system through the new National Security and Investment Act so that we can intervene in takeovers of companies or purchases of assets that pose a risk to national security. The NSI Act will allow the Government to scrutinise and intervene in acquisitions that may pose national security risks. It also provides businesses and investors with predictable, legally defined timelines and processes for decisions on acquisitions. The Act requires particularly sensitive acquisitions to be approved by Government before they are completed, but the vast majority of acquisitions will be unaffected by these powers.