Wednesday 15 September 2021 / 8:11 AM Bridget Phillipson / Economy

Bridget Phillipson responds to comments from Rishi Sunak that he gives his blessing to private equity firms despite asset stripping takeovers

Bridget Phillipson MP, Labour’s Shadow Chief Secretary to the Treasury, responding to comments from Chancellor Rishi Sunak that he gives his blessing to private equity firms despite asset stripping takeovers, said:

“The Chancellor’s comments follow a repeated pattern of great British companies being taken over and carved up while the Conservatives just stand by.

“The Chancellor has done nothing to protect British businesses like Morrisons or defence technology firms like Ultra – crucial for our national security – from takeovers that risk jobs and asset stripping.

“Far from supporting British businesses and helping them grow, the Conservatives keep choosing to leave them behind. Their approach is as dangerous as it is incompetent.

“Labour will buy, make and sell more in Britain to get our economy firing on all cylinders, and introduce a more robust takeover regime that protects British business and our vital economic interests.”