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Richard Foord Excerpts(2 years, 1 month ago)
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Grant Shapps
I am not sure whether the hon. Gentleman is calling for the Government to run the semiconductor factory. If he is, on the other hand, asking for a plan, he will need to be patient and to wait for the Nexperia process to complete. I very much hope that he and I will be able to stand here in due course and agree that the process has ended in a good place.
I just want to say to the House—because I think this has been slightly missed—that I do not take these decisions easily. Nearly 100 cases have been looked at under the National Security and Investment Act 2021. There have been only 10 final orders, of which this is one. Two acquisitions have been blocked. Only one has been unwound—in other words, there has been a retrospective decision—and that is this one. That is how carefully we take these decisions. I do have confidence that what happens next will be in the best interests of the people who work in south Wales and of semiconducting in this country.
Richard Foord (Tiverton and Honiton) (LD)
I understand that BEIS is expecting up to 1,830 voluntary notifications per year. In the first three months of the implementation of the Act, there were perhaps 222. Is the Secretary of State learning lessons from the implementation of the Act to ensure that the net is fine enough to block acquisitions that are of national security concern but not so tight as to squeeze the brakes on inward investment?
Grant Shapps
The hon. Gentleman is absolutely right: this is a new Act, so we are seeing how it works. As I mentioned a moment ago, final orders are extremely rare. An awful lot of the notifications—particularly the voluntary notifications—are looked at and then passed through very efficiently and very quickly, and I look at them most days of the week in my role. That is not causing any undue bureaucracy; we are looking at the notifications very quickly. The case before us is exceptional, inasmuch as it is retrospective, with the Act having come in only in January. In the end, we have to take a decision, and this House decided that it wanted to look after national security and investment in a sound and sensible way. The Act is performing very well in that regard, and those who criticise have perhaps not looked at—or are perhaps unable to be familiar with—the reasons why we are acting in just a small number of cases.