AstraZeneca (Pfizer Bid)
Debate between Vince Cable and Lord Harrington of WatfordUrgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
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Vince Cable
They have not been supine at all. My senior colleagues in government have been engaged in discussions with both companies, making the points about the national interest that I have stressed today.
I want to counter the point that the Government did absolutely nothing in response to the history of Kraft-Cadbury. One of the first things I did when I came into this job was to initiate a process that led the Takeover Panel to introduce very substantial reforms—the put up, shut up provision, which is the reason why we now have a 26 May deadline; the requirements for consultation; the requirements that directors have to take a long-term view in making decisions of this kind; and, crucially, the requirements of transparency. My opposite number has called in the press for transparency to be introduced, but it is already there: it was one of the changes introduced when this Government came into power.
Richard Harrington (Watford) (Con)
I am sure that my right hon. Friend the Secretary of State is aware that, in 2013, British companies were the second largest foreign investor in the US, with $36.5 billion of institutional investment. What message would it send to institutional investors from all over the world if, despite appropriate assurances from a company, the UK Government found a way to scupper a deal of this magnitude against the wishes of the shareholders?
Trade and Investment for Growth White Paper
Debate between Vince Cable and Lord Harrington of Watford(13 years, 9 months ago)
Commons ChamberRead Full debate Read Hansard Text
Vince Cable
As it happens, I launched apprenticeship week on Monday, and visited several parts of the country to promote apprenticeships and raise their status. Indeed, Government support has increased, as the hon. Lady knows, with 75,000 new apprenticeships this year. There are good elements in her Bill, and I know that she is talking to the Under-Secretary of State for Business, Innovation and Skills, my hon. Friend the Member for Kingston and Surbiton (Mr Davey), who is sitting beside me now, about how we can take those positive elements forward.
Richard Harrington (Watford) (Con)
I commend the Secretary of State for today’s statement on the White Paper. Last week I visited a company called Davin Optronics in Watford, which employs about 50 people. The company is really keen to expand into exports, yet it does not have the resources to fund a major campaign abroad. Can he assure me, first, that the measures in the White Paper for small businesses will assist them through UKTI, and secondly, that he, one of his colleagues or an official from UKTI will visit the company, help it, and get the publicity that this drive deserves?
Vince Cable
I hear many stories of that kind; indeed, I have small businesses in my constituency that are in exactly the same position. If I can meet the company, I shall be happy to do so, and certainly one of my colleagues will. With the additional support that we have given, along with our additional competitiveness through the exchange rate, for example, my hon. Friend will find that large numbers of SMEs will move forward over the next year, and he has identified one such company.