Enterprise Act 2002 (Specification of Additional Section 58 Consideration) Order 2020

Baroness Bennett of Manor Castle Excerpts

Wednesday 15th July 2020 Lords Chamber

[Baroness Bennett of Manor Castle (GP) [V]]

My Lords, it is a pleasure to follow the noble Baroness, Lady Falkner of Margravine. I will come at this from a slightly different perspective but I agree with many of the concerns that she expressed.

In his clear and informative introduction, the Minister expressed what I think many would regard as a surprising faith in the intentions of most investors in this country. He suggested that they are not motivated by opportunism. That is not the perspective of many when they look at the hedge funds, the tax haven-based investment vehicles and the non-taxpaying, faceless, unidentifiable ownership that characterises so many sectors of our economy.

I offer the Green Party’s support to the regret Motion. There are concerns about the process, the way this is being approached and the reach of it, but none the less, it is clear that we need far more control over and focus on the ownership of key sectors of our economy. Does this SI reflect a broader change in the Government’s view and perspective? I do not expect to see it in this emergency action, but in the forthcoming legislation, will the Government consider dealing with crucial issues such as food supplies, transport companies and the companies that supply so many of our outsourced public services?

Taking the example of food, if the Government wish to explore this further, I point them to the excellent work of the Canadian scholar, Dr Jennifer Clapp, who has looked at how the ownership of food companies, agrochemical companies and seed companies has led to a lack of competitiveness, global issues, a lack of transparency and real threats to the global food supply; of course, the same threats apply to the UK. Are the Government looking to deal with those?