Private Equity Takeovers

Lord Bassam of Brighton Excerpts

Thursday 21st October 2021 Lords Chamber

[Lord Callanan (Con)]

As the noble Lord is aware, there are a multiplicity of different international standards, but we are of course introducing the transparency requirements on climate disclosures, as he knows. We have the audit reform proposals, which will extend the reporting requirements to many large private companies as well. We will publish our response to that consultation shortly.

[Lord Bassam of Brighton (Lab)]

My Lords, according to the financial market data company Refinitiv, private equity firms have made over 345 bids for British companies this year—the highest number since records began back in 1984. We need to ensure that new owners act responsibly, so does the Minister have confidence that the regulatory bodies have sufficient oversight and powers to intervene when private equity owners of British companies fail that duty? How can we build national economic resilience at home to promote global Britain abroad if companies are being bought up so easily and cheaply?