Sir Mike Penning MP has welcomed Government moves to protect British companies as we come out of lock-down. Many British companies have done tremendous work in the fight against the virus. Not just those keeping the country moving, but many have repurposed their manufacturing and research capabilities to make PPE, manufacture tests and research vaccines, etc.
However, as we come out of lockdown many of our companies may struggle and could be vulnerable to hostile overseas takeovers.
Sir Mike said:
“Many residents have contacted me about this so I am pleased that we will be legislating for the Government to have new powers to intervene to protect our critical businesses. The Government already has powers to intervene in the areas of media ownership, financial stability, and national security. We will now add powers to protect businesses critical to food supply and public health.”
“I hope the Government will go further and also protect new businesses in important high-tech fields such as artificial intelligence and advanced materials. As a country, we invest a lot in product R&D in these areas. It is about time that we protect our national interest.
“I welcome overseas investment, but we must not let investors target companies critical to our public health or economic recovery.”