Sovereign Defence Capability: Meggitt Takeover Debate
Full Debate: Read Full DebateLord Browne of Ladyton
Main Page: Lord Browne of Ladyton (Labour - Life peer)Department Debates - View all Lord Browne of Ladyton's debates with the Department for Business, Energy and Industrial Strategy
(2 years, 11 months ago)
Lords ChamberMy 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?
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.