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Private Equity (Transfer of Undertakings and Protection of Employment) Bill

I congratulate my hon. Friend on introducing this Bill. Generous as he has been to private equity, in stressing that his Bill is not an attack on it, does he agree that a lot of myths have grown about private equity—its glamour, and the allegation that it is a source of employment in the City? In some circles, there is even the idea of a Faustian pact that allows such companies to keep their tax advantages. The vast majority of economic studies show, however, that most mergers and takeovers fail because a lot are prompted by motives of management aggrandisement and by private equity partner greed. Does he therefore agree that mergers and takeovers that take such a short-term view, and that undermine investment and the loyalty and skills of work forces, are not helpful to British industry?