Sovereign Defence Capability: Meggitt Takeover Debate
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Lord Browne of Ladyton
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Sovereign Defence Capability: Meggitt Takeover
Lord Browne of Ladyton Excerpts(2 years, 11 months ago)
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Lord Browne of Ladyton (Lab)
My Lords, 85% of defence R&D is government funded. In the integrated review, the Government promised a defence and security industrial strategy that will “prioritise UK industrial capability”. Announcing it, Defence Minister Jeremy Quin said the DSIS
“will help retain onshore critical industries for our national security and our future.”—[Official Report, Commons, 23/3/21; col. 797.]
First Cobham, then Ultra Electronics and now Meggitt—these are all critical industries for our national security and our future. At what point will the Government follow their own strategy and try to slow the current US equity fund-led spree of buying these businesses?
Lord Callanan (Con)
The current takeover is not by an equity fund but a defence contractor. As I said, we welcome investment into the UK but will not hesitate to take action if it threatens or compromises our national security.