Labour calls on government to scrutinise Chinese takeover of UK’s largest semiconductor manufacturing company
Ed Miliband MP, Labour’s Shadow Business Secretary, commenting on the Chinese takeover of the UK’s largest semiconductor manufacturing company, Newport Wafer Fab, said:
“The Government must use its powers under the National Security and Investment Act to urgently scrutinise this takeover.
“Given the importance of semiconductors to our country’s critical infrastructure, there is a clear case to examine this on national security grounds.
“Inward investment is welcome, but Ministers must ensure the UK’s largest semiconductor manufacturer, a vital national economic and technology asset, is protected.
“As Labour argued during the passage of the NSI Act, there also remain wider issues about our takeover regime. The Government has very limited legal powers to intervene in takeovers on economic or industrial grounds, which has significant implications for Britain’s strategic interests.”