Newport Wafer Fab Sale Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Ruth Jones
Main Page: Ruth Jones (Labour - Newport West and Islwyn)Department Debates - View all Ruth Jones's debates with the Department for Business, Energy and Industrial Strategy
(3 years, 4 months ago)
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Amanda Solloway
In 2020, the Government amended the Enterprise Act 2002 so that we could intervene in mergers and takeovers that threaten our ability to combat a public health emergency such as coronavirus. As the House will know, we have recently overhauled our investment screening system through the new National Security and Investment Act so that we can intervene in takeovers of companies or purchases of assets that pose a risk to national security. The NSI Act will allow the Government to scrutinise and intervene in acquisitions that may pose national security risks. It also provides businesses and investors with predictable, legally defined timelines and processes for decisions on acquisitions. The Act requires particularly sensitive acquisitions to be approved by Government before they are completed, but the vast majority of acquisitions will be unaffected by these powers.
Ruth Jones (Newport West) (Lab)
I am grateful to the hon. Member for The Cotswolds (Sir Geoffrey Clifton-Brown) for this morning’s urgent question and for speaking to me about it last night. Newport Wafer Fab is in my constituency and I have in recent days had a number of meetings about the issue, and have spoken to many people across Newport West who are watching events very closely. Newport Wafer Fab is part of the unique semiconductor cluster in Newport West—the only one in the world, and I am so proud. It employs more than 450 people who are highly skilled, well paid and need job security. I fully understand the need for scrutiny of any deal involving potentially hostile foreign takeovers and national security is of course paramount, but my constituents and I want to see an open, transparent and fair deal. Will the Minister meet me at the earliest possible opportunity so that we can ensure that whatever happens next, those jobs, the impact on the people of Newport West and the strategic nature of this plant will be kept in mind every step of the way?
Amanda Solloway
The hon. Lady makes an important point. The Government have looked closely at the transaction and do not consider it inappropriate, but as the Prime Minister has made clear, the National Security Adviser will review it. I am happy to meet the hon. Lady or at least facilitate a meeting with the appropriate Minister.