Sheffield Forgemasters

Lord West of Spithead Excerpts

Wednesday 8th September 2021 Lords Chamber

[Lord West of Spithead (Lab)]

My Lords, Sheffield Forgemasters provides key parts for our deterrent submarines and, as such, it is absolutely right and proper that the Government should ensure its continued operation under UK control. This ensures sovereign capability, which is a key plank of the integrated review. In the light of that, can the Minister say how the Government view the large number of foreign takeovers of very successful, high-tech UK firms during the past few years and the possible takeovers of Arm, Meggitt and Ultra, which are being considered at the moment?

[Baroness Goldie (Con)]

As the noble Lord will be aware, the Government take a very keen interest in and keep a vigilant eye on security of defence supply. In relation to the specific issue that he mentions, the Government are closely monitoring the proposed acquisition of Meggitt by Parker-Hannifin. The Government have powers, as the noble Lord will be aware, under the Enterprise Act 2002, to intervene in transactions that raise national security concerns and will not hesitate to use those powers as appropriate if the UK’s national security interests are at risk.