Newport Wafer Fab Debate
Full Debate: Read Full DebateLord Pickles
Main Page: Lord Pickles (Conservative - Life peer)Department Debates - View all Lord Pickles's debates with the Department for Business, Energy and Industrial Strategy
(1 year, 9 months ago)
Lords ChamberI am looking forward to the proper debate we will have on the report on electric battery vehicle manufacturing from the noble Lord’s committee later this week. We have over 100 companies active in this area in the UK and some excellent research and development and manufacturing facilities. This decision was not taken on any industrial policy matter. As is required under the legislation that we debated extensively and that the noble Lord, Lord Fox, referred to, the decision was taken on national security grounds alone.
My Lords, this is an unusual case in so far as it is retrospective. My understanding is that the National Security and Investment Act came into being only in January. In another place the prospect was raised of other companies being in the control of hostile countries. What process is in place to review that, in terms of not only future hostile takeovers but ones that might currently exist?
My noble friend is right that the Act came into operation in January. There were some retrospective elements in that. A trigger event occurred and therefore the Secretary of State could exercise his power. When future trigger events occur, we will look at every transaction based on national security implications, as is required under the Act.