Asked by: Richard Burden (Labour - Birmingham, Northfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, when he is planning to hold the meeting with GKN Aerospace and the hon. Member for Birmingham Northfield on the future of GKN Aerospace in Kings Norton.
Answered by Andrew Stephenson
We are currently working with both parties to find the earliest mutually convenient date and time for the meeting to take place.
Asked by: Richard Burden (Labour - Birmingham, Northfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the effect of the planned closure of the GKN Aerospace at Kings Norton, Birmingham on the local economy; and what discussions he has had with representatives of that company on that proposed closure.
Answered by Andrew Stephenson
Following GKN’s notification to employees on 4 April about their intention to undertake a phased closure of their Kings Norton site in Birmingham by 2021, the Secretary of State spoke to Hans Buthker (CEO of GKN Aerospace) on 7 April. He explained that this proposal was the result of an internal strategic review by GKN to help the company secure long-term sustainability that will better position it for future growth.
Mr Buthker stressed GKN’s continued commitment to the UK, evidenced by the significant new investment the company is making including, as part of this proposal, at Luton and Portsmouth and in a Global Technology R&D Centre at Filton. This comes on top of GKN’s further announcement last week for £300 million in new investment to ramp up its activities in the fast-growing electric vehicle market.
This is a commercial decision for GKN Aerospace and not in contravention of the deed of covenant agreed between BEIS and Melrose. GKN Aerospace have confirmed the site will remain operational in a phased capacity until 2021, and all affected employees will be supported in seeking new employment within and outside of GKN Aerospace. GKN Aerospace announced they will be increasing overall investment in its other UK sites, with Luton and Portsmouth becoming technology centres of excellence. GKN Aerospace invested record levels into R&D in 2018, including a new world-class Global Technology Centre opening in Bristol in 2020, hosting 300 highly skilled engineers.
We appreciate this will be an unsettling time for the 172 employees at Kings Norton and will work closely with the company, and local partners, to make sure that they are supported throughout.
Asked by: Richard Burden (Labour - Birmingham, Northfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what the timetable is for the Financial Reporting Council to (a) complete its review and (b) publish an updated version of the UK Corporate Governance Code.
Answered by Andrew Griffiths
In February 2017, the Financial Reporting Council (FRC) announced plans for a comprehensive review of the UK Corporate Governance Code, and delivery of this review implements part of the Government’s wider Corporate Governance Reform package announced in August 2017. The FRC’s public consultation closed on 28 February 2018. Responses are being considered and the FRC is on track to publish an updated Code with supporting guidance in July 2018.
Asked by: Richard Burden (Labour - Birmingham, Northfield)
Question to the Department for Business, Energy and Industrial Strategy:
If he will use his powers under the Enterprise Act 2002 to intervene in the takeover bid for GKN by Melrose.
Answered by Greg Clark
Under the Enterprise Act 2002, Ministers can only intervene in mergers that raise public interest concerns on the grounds of national security, financial stability and media plurality.
Public interest interventions are quasi-judicial in nature. It is important that Ministers act, and are seen to be acting impartially, on the basis of an open mind and on the evidence available.
It is therefore not appropriate for me to comment.
I continue to monitor this situation closely.
Asked by: Richard Burden (Labour - Birmingham, Northfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what his policy is on sustainability reporting for UK businesses.
Answered by Andrew Griffiths
Currently, all UK registered companies, except those entitled to the small companies exemption, are required to file a strategic report as part of their annual report.
This must include, to the extent necessary for an understanding of the development, performance or position of the company’s business, information relating to environmental matters. Quoted companies are also required to report, within their strategic reports, on:
Many UK companies choose to go further than this within their annual reports which the current flexible company law framework supports.
Asked by: Richard Burden (Labour - Birmingham, Northfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the effect of the potential takeover of GKN on the UK's automotive and aerospace industries.
Answered by Andrew Griffiths
This is a commercial matter for the companies involved, however the Government is closely monitoring the situation. If necessary, the Government can intervene in takeovers on public interest grounds, covering national security, financial stability or media plurality.
Asked by: Richard Burden (Labour - Birmingham, Northfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, when he was made aware of the attempted takeover of GKN by Melrose; and whether he has met with any of the parties involved.
Answered by Andrew Griffiths
GKN announced on 12 January that it had been approached by Melrose. Since then I have spoken on an impartial basis to both companies, and will continue to monitor the situation closely.
Asked by: Richard Burden (Labour - Birmingham, Northfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the effect on the UK economy of the potential takeover of GKN by Melrose.
Answered by Andrew Griffiths
I refer the hon Member to the answer I gave him today to Question 125100.
Asked by: Richard Burden (Labour - Birmingham, Northfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the effect of the potential takeover of GKN on the UK's automotive and aerospace industries.
Answered by Andrew Griffiths
This is a commercial matter for the companies involved, however the Government is closely monitoring the situation. If necessary, the Government can intervene in takeovers on public interest grounds, covering national security, financial stability or media plurality.
Asked by: Richard Burden (Labour - Birmingham, Northfield)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment his Department has made of the effectiveness of existing legislation regulating the sale of fireworks.
Answered by Margot James
The Government takes the safety of fireworks very seriously. Regulations are currently in place which control the sale of fireworks to both consumers and professional display operators. Experience has shown that the current regulations strike the right balance between the enjoyment of fireworks by the public and restricting the sale and use of fireworks for public safety reasons.
Certain dangerous items are already banned for sale in the UK. These include bangers and jumping jacks, among others. Such items are prohibited regardless of whether they are approved for sale in other EU countries. This removes from sale higher risk fireworks which could lead to injury.
We will continue to focus on reducing accidents and nuisance by encouraging industry, retailers and others to promote the responsible sale and use of fireworks through guidance and public education.