Critical National Infrastructure: Ownership

Lord Spicer Excerpts

Monday 22nd July 2013 Lords Chamber

[Lord Wallace of Saltaire]

There are several points there. To say that the BT network is controlled by the Chinese is, to say the least, a considerable exaggeration. The issue of the dependence on the supply of equipment from China is a rather different one, and that, as noble Lords will know, is the subject of a recent ISC report. British sovereignty has traditionally and in recent years been debated much more in terms of threat to English common law, and the existential threat which Brussels and the European courts are thought to provide to Britain, than in terms of the threat from foreign investment. I should welcome the noble Lord banging on about one rather than the other—it would make a nice change.

[Lord Spicer]

My Lords, surely one of the good things about foreigners owning bits of our infrastructure is that they cannot take these bits away with them—

[Lord Bilimoria]

My Lords—

--- Later in debate ---

[Lord Spicer]

My Lords, surely it is a win-win situation. We get their money and, because of the infrastructure, they cannot take it away.

[Lord Wallace of Saltaire]

That is a very good comment. I remember, many years ago, when Mrs Thatcher was Prime Minister and an architect of free-market economics nevertheless phoning the Japanese Government to insist that they pressure Japanese banks to make their partial investment into funding Eurostar and the Eurotunnel project.