Source: Labour List UK
Labour has called on the government to strengthen its powers to intervene in foreign acquisitions that would damage the economy and urged ministers to do more to keep “high-growth and strategically important” companies in the UK.
The call from the opposition party comes ahead of debate this afternoon on the national security and investments bill in parliament, which seeks to give government greater powers to act when foreign acquisitions threaten national security.
Labour has argued that ministers must protect against companies in the UK being “stripped for parts or moved overseas” and has said the government should have intervened in the sale of UK tech company ARM in September.
Ed Miliband said: “It’s right that the government is bringing the UK into line with other countries to give itself powers to protect national security, but this bill is a missed opportunity to do so on wider industrial strategy.
“Time and again in recent years, the existing powers have proved inadequate to protect vital economic interests – from Pfizer’s attempted takeover of Astrazeneca to the recent takeover of ARM.”