Sovereign Defence Capability: Meggitt Takeover

Baroness Hayter of Kentish Town Excerpts

Wednesday 15th September 2021 Lords Chamber

[Lord Callanan (Con)]

I know of the noble Lord’s campaign to raise awareness of the important work and value of private UK companies, but as I mentioned in my Answer to the noble Lord, Lord West, we value trade and investment into the United Kingdom. We believe in an open trading environment, and that is why the noble Lord, Lord Rooker, is wrong. We cannot just exist on an individual basis, not taking account of trade in the rest of world. We are proud to be one of the largest sources of inward investment in Europe, and long may that continue.

[Baroness Hayter of Kentish Town (Lab)]

My Lords, as others have said, we need a defence industry that is secure for jobs and the economy but also whose technology is secure from hostile hands. Given that, as the noble Baroness, Lady Wheatcroft, said, the assurances of jobs from Parker are for only a year, can the Minister indicate whether he considers that a more thorough assessment is needed? Also, had the new national security and investment regime been in place now, would the Meggitt takeover have been caught by the definition for mandatory notification?

[Lord Callanan (Con)]

The answer to the second part of the noble Baroness’s question is yes. On the first part, it is a quasi-judicial process, and the Secretary of State has not taken a decision on it, so I cannot go any further than what I have said so far.