Proposed Merger of Three UK and Vodafone
Debate between George Howarth and Carol Monaghan(1 year, 2 months ago)
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Carol Monaghan
Of course, we have to look at who the merger is good for. It is good for the shareholders, good for the corporation and good for those who seek to profit off the back of it, but it is not good for the ordinary consumer or, as the hon. Member says, national security.
Given the potential for price hikes, the merger should be thrown out straight away, especially given the cost of living crisis, as the hon. Member for Liverpool, Riverside (Kim Johnson) pointed out. We should not even be here having this debate. The hon. Member for Birkenhead (Mick Whitley) gave an indication of the potential magnitude of such a price hike; I think he mentioned a figure of up to £300 per year. That is astronomical for people who are struggling to make ends meet from week to week. This merger has been portrayed as something that will increase investment, and lead to a better consumer experience and lower prices, but we know what normally happens during a merger: investment falls, profits increase and the customer suffers. I cannot see this being any different.
The difficulty is in who is profiting. We have to look at the Government Benches. Two Tory MPs are on CK’s payroll; that is in the Register of Members’ Financial Interests, so it has been declared. The UK Government must do full diligence, and protect customers from Chinese state surveillance, not override these security concerns.
We need assurances from the Minister that this merger does not compromise national security in any way, shape or form. The two profitable companies concerned, which hold the data of 27 million UK consumers, have critical Government contracts. Will the Government take a “consumer first” and “national security first” approach to any regulatory checks? What steps will the Minister take to ensure that large job losses do not result from any merger? This cannot be allowed to become a repeat of the Huawei scandal, in which ignorance and intransigence not only put consumers at risk but cost billions and led to an eventual U-turn. Security of the telecoms network and of users’ data must come first.
