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To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the potential merits of a public interest test with regards to corporate takeovers; and for what reasons provision for such a test was not included in the Small Business Enterprise and Employment Bill.
To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the potential merits of a public interest test with regards to corporate takeovers; and for what reasons provision for such a test was not included in the Small Business Enterprise and Employment Bill.
The power to propose changes to the public interest regime is set out under the Enterprise Act 2002, and would involve the Secretary of State bringing forward secondary legislation. While we keep this issue under review, we are not currently planning to bring forward changes to the regime.
We do, however, welcome the consultation launched by the Takeover Panel in September 2014. This consultation proposed changes to the Takeover Code to allow companies to make more binding, long-term commitments during the bid process. These proposed changes would distinguish between a voluntary commitment made by a company about actions they commit to take, and statements about actions they intend to take. They would also enhance the Panel’s ability to monitor on-going compliance. I understand that the Takeover Panel is reviewing responses to its consultation and will be responding in the New Year.
My Lords, I thank all speakers for their contributions, which have helped highlight and distil some of the main issues that we look forward to discussing further as the Bill moves through the
parliamentary process. I am grateful to the noble Lord, Lord Mendelsohn, for so elegantly summarising the views...
My Lords, I thank all speakers for their contributions, which have helped highlight and distil some of the main issues that we look forward to discussing further as the Bill moves through the
parliamentary process. I am grateful to the noble Lord, Lord Mendelsohn, for so elegantly summarising the views...
I would like to inform the House that the Government are today publishing a report on progress made in implementing the recommendations of the Kay review of equity markets. Copies of the report will be placed in the Libraries of both Houses.
In July 2012, the Kay review report set out...
I would like to inform the House that the Government are today publishing a report on progress made in implementing the recommendations of the Kay review of equity markets. Copies of the report will be placed in the Libraries of both Houses.
In July 2012, the Kay review report set out...
My Rt hon Friend the Secretary of State for Business, Innovation and Skills (Vince Cable) has today made the following statement.
I would like to inform the House that the Government is today publishing a report on progress made in implementing the recommendations of the Kay Review of equity markets. Copies...
My Rt hon Friend the Secretary of State for Business, Innovation and Skills (Vince Cable) has today made the following statement.
I would like to inform the House that the Government is today publishing a report on progress made in implementing the recommendations of the Kay Review of equity markets. Copies...
Sir David Barnes, former chief executive officer of AstraZeneca, told us both that while companies should manage their tax affairs efficiently, it should not have been the driving force for Pfizer’s proposed takeover of AstraZeneca because it was
“a narrow basis on which to build an enduring and constructive business partnership.”
Does the Business Secretary agree with that general principle in respect of the takeover of important British companies?
Sir David Barnes, former chief executive officer of AstraZeneca, told us both that while companies should manage their tax affairs efficiently, it should not have been the driving force for Pfizer’s proposed takeover of AstraZeneca because it was
“a narrow basis on which to build an enduring and constructive business partnership.”
Does the Business Secretary agree with that general principle in respect of the takeover of important British companies?
Yes, I do agree with that, and I made that very clear at the time. I think that the response of the Government, as well as of the shareholders of AstraZeneca, was a factor in persuading Pfizer not to pursue that bid.
Yes, I do agree with that, and I made that very clear at the time. I think that the response of the Government, as well as of the shareholders of AstraZeneca, was a factor in persuading Pfizer not to pursue that bid.
Yes, I do agree with that, and I made that very clear at the time. I think that the response of the Government, as well as of the shareholders of AstraZeneca, was a factor in persuading Pfizer not to pursue that bid.
Sir David Barnes, former chief executive officer of AstraZeneca, told us both that while companies should manage their tax affairs efficiently, it should not have been the driving force for Pfizer’s proposed takeover of AstraZeneca because it was
“a narrow basis on which to build an enduring and constructive business partnership.”
Does the Business Secretary agree with that general principle in respect of the takeover of important British companies?
The tax avoidance mechanism—tax inversion—that Pfizer sought to use through that takeover has been one of the main driving forces behind this year’s surge in cross-border deals. However, this week US Treasury Secretary Jack Lew said the Obama Administration would crack down on inversions pending further action by Congress. Does the Business Secretary share my concern that if we see takeovers of British firms being primarily driven by the desire to avoid US tax, there is a real risk of a large flight of capital back to the US when the threatened crackdown comes, leaving important UK companies high and dry?
The tax avoidance mechanism—tax inversion—that Pfizer sought to use through that takeover has been one of the main driving forces behind this year’s surge in cross-border deals. However, this week US Treasury Secretary Jack Lew said the Obama Administration would crack down on inversions pending further action by Congress. Does the Business Secretary share my concern that if we see takeovers of British firms being primarily driven by the desire to avoid US tax, there is a real risk of a large flight of capital back to the US when the threatened crackdown comes, leaving important UK companies high and dry?
Again, I agree with the hon. Gentleman’s basic proposition. As it happens, much of the alarm that was raised some months ago about large American companies taking over British companies or British-based companies on the back of those tax provisions have proved wholly unfounded. He is quite right that takeovers, although they are generally beneficial to the UK economy, should not be driven by artificial short-term tax considerations.
Again, I agree with the hon. Gentleman’s basic proposition. As it happens, much of the alarm that was raised some months ago about large American companies taking over British companies or British-based companies on the back of those tax provisions have proved wholly unfounded. He is quite right that takeovers, although they are generally beneficial to the UK economy, should not be driven by artificial short-term tax considerations.
Again, I agree with the hon. Gentleman’s basic proposition. As it happens, much of the alarm that was raised some months ago about large American companies taking over British companies or British-based companies on the back of those tax provisions have proved wholly unfounded. He is quite right that takeovers, although they are generally beneficial to the UK economy, should not be driven by artificial short-term tax considerations.
The tax avoidance mechanism—tax inversion—that Pfizer sought to use through that takeover has been one of the main driving forces behind this year’s surge in cross-border deals. However, this week US Treasury Secretary Jack Lew said the Obama Administration would crack down on inversions pending further action by Congress. Does the Business Secretary share my concern that if we see takeovers of British firms being primarily driven by the desire to avoid US tax, there is a real risk of a large flight of capital back to the US when the threatened crackdown comes, leaving important UK companies high and dry?
To ask the Secretary of State for Business, Innovation and Skills, what discussions and meetings (a) officials and (b) Ministers in his Department have held with the European Commission on takeovers and public interest tests since 20 April 2014.
To ask the Secretary of State for Business, Innovation and Skills, what discussions and meetings (a) officials and (b) Ministers in his Department have held with the European Commission on takeovers and public interest tests since 20 April 2014.
Ministers and officials frequently have conversations with the European Commission on a range of issues. Since 20 April 2014, this issue was discussed at a meeting between officials on 16 May 2014.
To ask Her Majesty’s Government what consideration they have given to using the purchasing power of the National Health Service as a major customer of AstraZeneca and Pfizer to ensure that Pfizer honours any undertakings given in the event of a successful takeover of AstraZeneca.[HL6985]
To ask Her Majesty’s Government what consideration they have given to using the purchasing power of the National Health Service as a major customer of AstraZeneca and Pfizer to ensure that Pfizer honours any undertakings given in the event of a successful takeover of AstraZeneca.[HL6985]
Both companies supply the National Health Service with vital medicines that are used to treat millions of patients each year. It is for clinicians to make prescribing decisions based on their
patient’s individual clinical circumstances and our priority is to ensure that patients continue to get the medicines they need.
I welcome the fall in unemployment. For all those people who have found work, it is good for them and good for their families.
On the subject of high-skilled jobs in the UK, following the appearance of Pfizer at the Select Committee yesterday, can the Prime Minister tell us what further assurances he is seeking from Pfizer about its takeover of AstraZeneca?
I welcome the fall in unemployment. For all those people who have found work, it is good for them and good for their families.
On the subject of high-skilled jobs in the UK, following the appearance of Pfizer at the Select Committee yesterday, can the Prime Minister tell us what further assurances he is seeking from Pfizer about its takeover of AstraZeneca?
First of all, may I welcome the fact that the right hon. Gentleman has welcomed the fall in unemployment? These are, of course, jobs that he predicted would never come to Britain and would never be there. This is important, because what we see today is the largest-ever quarterly increase in the number of people in work—283,000. We see unemployment coming down, youth unemployment coming down, long-term unemployment coming down, and long-term youth unemployment coming down—and of course, in our growing economy, where our long-term economic plan is working, we see the number of vacancies going up. Hon. Members may be interested to know, in addition, that three quarters of the new jobs over the last year have gone to UK nationals, and also that the employment of Romanians and Bulgarians actually went down in the first three months of this year following the lifting of the controls, which is notable.
In terms of Pfizer and AstraZeneca, this Government have been absolutely clear that the right thing to do is to get stuck in to seek the best possible guarantees on British jobs, British investment and British science. We discussed this last week and one of the most important things we have learned since then is that the right hon. Gentleman was asked for a meeting with Pfizer, but he said he was too busy political campaigning. He quite literally put party politics ahead of the national interest.
First of all, may I welcome the fact that the right hon. Gentleman has welcomed the fall in unemployment? These are, of course, jobs that he predicted would never come to Britain and would never be there. This is important, because what we see today is the largest-ever quarterly increase in the number of people in work—283,000. We see unemployment coming down, youth unemployment coming down, long-term unemployment coming down, and long-term youth unemployment coming down—and of course, in our growing economy, where our long-term economic plan is working, we see the number of vacancies going up. Hon. Members may be interested to know, in addition, that three quarters of the new jobs over the last year have gone to UK nationals, and also that the employment of Romanians and Bulgarians actually went down in the first three months of this year following the lifting of the controls, which is notable.
In terms of Pfizer and AstraZeneca, this Government have been absolutely clear that the right thing to do is to get stuck in to seek the best possible guarantees on British jobs, British investment and British science. We discussed this last week and one of the most important things we have learned since then is that the right hon. Gentleman was asked for a meeting with Pfizer, but he said he was too busy political campaigning. He quite literally put party politics ahead of the national interest.
First of all, may I welcome the fact that the right hon. Gentleman has welcomed the fall in unemployment? These are, of course, jobs that he predicted would never come to Britain and would never be there. This is important, because what we see today is the largest-ever quarterly increase in the number of people in work—283,000. We see unemployment coming down, youth unemployment coming down, long-term unemployment coming down, and long-term youth unemployment coming down—and of course, in our growing economy, where our long-term economic plan is working, we see the number of vacancies going up. Hon. Members may be interested to know, in addition, that three quarters of the new jobs over the last year have gone to UK nationals, and also that the employment of Romanians and Bulgarians actually went down in the first three months of this year following the lifting of the controls, which is notable.
In terms of Pfizer and AstraZeneca, this Government have been absolutely clear that the right thing to do is to get stuck in to seek the best possible guarantees on British jobs, British investment and British science. We discussed this last week and one of the most important things we have learned since then is that the right hon. Gentleman was asked for a meeting with Pfizer, but he said he was too busy political campaigning. He quite literally put party politics ahead of the national interest.
I welcome the fall in unemployment. For all those people who have found work, it is good for them and good for their families.
On the subject of high-skilled jobs in the UK, following the appearance of Pfizer at the Select Committee yesterday, can the Prime Minister tell us what further assurances he is seeking from Pfizer about its takeover of AstraZeneca?
I am not going to take any lectures from the guy who was negotiating with Pfizer over the heads of the board of AstraZeneca. Pfizer does not need a public relations man—it has the Prime Minister.
For Members on both sides of the House, the appearance of Pfizer at a Select Committee raised more questions than it answered about the so-called assurances. The head of Pfizer said there would be a fall in research and development spending as a result of the takeover. Has the Prime Minister got an assurance that those R and D cuts will not take place in the UK?
I am not going to take any lectures from the guy who was negotiating with Pfizer over the heads of the board of AstraZeneca. Pfizer does not need a public relations man—it has the Prime Minister.
For Members on both sides of the House, the appearance of Pfizer at a Select Committee raised more questions than it answered about the so-called assurances. The head of Pfizer said there would be a fall in research and development spending as a result of the takeover. Has the Prime Minister got an assurance that those R and D cuts will not take place in the UK?
We want the strongest possible guarantees, but I have to ask the right hon. Gentleman: what is the way of getting those guarantees? Is it getting stuck in with Pfizer and AstraZeneca, battling for the British interest, or is it standing back like him, doing absolutely nothing apart from playing politics? That is the point I put to him. I am clear about what the British interest is: it is British jobs, British science and British R and D, and we will do everything we can to make those guarantees that we have received—the right hon. Gentleman would have got nothing—as firm as possible. As we do so, let us remember that 175,000 people are employed in the life sciences in our country, because we are an open economy that encourages investment. Eli Lilly, Novartis, Johnson & Johnson and e Sci have chosen to come and invest here because it is a great country to come and do business.
We want the strongest possible guarantees, but I have to ask the right hon. Gentleman: what is the way of getting those guarantees? Is it getting stuck in with Pfizer and AstraZeneca, battling for the British interest, or is it standing back like him, doing absolutely nothing apart from playing politics? That is the point I put to him. I am clear about what the British interest is: it is British jobs, British science and British R and D, and we will do everything we can to make those guarantees that we have received—the right hon. Gentleman would have got nothing—as firm as possible. As we do so, let us remember that 175,000 people are employed in the life sciences in our country, because we are an open economy that encourages investment. Eli Lilly, Novartis, Johnson & Johnson and e Sci have chosen to come and invest here because it is a great country to come and do business.
We want the strongest possible guarantees, but I have to ask the right hon. Gentleman: what is the way of getting those guarantees? Is it getting stuck in with Pfizer and AstraZeneca, battling for the British interest, or is it standing back like him, doing absolutely nothing apart from playing politics? That is the point I put to him. I am clear about what the British interest is: it is British jobs, British science and British R and D, and we will do everything we can to make those guarantees that we have received—the right hon. Gentleman would have got nothing—as firm as possible. As we do so, let us remember that 175,000 people are employed in the life sciences in our country, because we are an open economy that encourages investment. Eli Lilly, Novartis, Johnson & Johnson and e Sci have chosen to come and invest here because it is a great country to come and do business.
I am not going to take any lectures from the guy who was negotiating with Pfizer over the heads of the board of AstraZeneca. Pfizer does not need a public relations man—it has the Prime Minister.
For Members on both sides of the House, the appearance of Pfizer at a Select Committee raised more questions than it answered about the so-called assurances. The head of Pfizer said there would be a fall in research and development spending as a result of the takeover. Has the Prime Minister got an assurance that those R and D cuts will not take place in the UK?
The problem is that the assurances are “vague”, have “caveats” and are “inappropriate”. Those are not my words, but the words of the president of the Royal Society. The assurances are useless and there is no guarantee on R and D.
Let us talk about jobs. The head of Pfizer said yesterday:
“There will be job cuts somewhere”.
Has the Prime Minister got an assurance that those job cuts will not take place in the UK?
The problem is that the assurances are “vague”, have “caveats” and are “inappropriate”. Those are not my words, but the words of the president of the Royal Society. The assurances are useless and there is no guarantee on R and D.
Let us talk about jobs. The head of Pfizer said yesterday:
“There will be job cuts somewhere”.
Has the Prime Minister got an assurance that those job cuts will not take place in the UK?
We have assurances on the percentage of R and D that will happen here and on investment in Cambridge and in Macclesfield. If the right hon. Gentleman is asking whether we want further assurances, then yes, we do. Do we want to make sure those jobs stay here? Yes, we do. Do we want more investment in British universities and British science? Yes, we do. The only difference between us is on how to get those things. I say: get stuck in, negotiate hard and fight for Britain. He says: stand up, play politics and put that before the national interest.
We have assurances on the percentage of R and D that will happen here and on investment in Cambridge and in Macclesfield. If the right hon. Gentleman is asking whether we want further assurances, then yes, we do. Do we want to make sure those jobs stay here? Yes, we do. Do we want more investment in British universities and British science? Yes, we do. The only difference between us is on how to get those things. I say: get stuck in, negotiate hard and fight for Britain. He says: stand up, play politics and put that before the national interest.
We have assurances on the percentage of R and D that will happen here and on investment in Cambridge and in Macclesfield. If the right hon. Gentleman is asking whether we want further assurances, then yes, we do. Do we want to make sure those jobs stay here? Yes, we do. Do we want more investment in British universities and British science? Yes, we do. The only difference between us is on how to get those things. I say: get stuck in, negotiate hard and fight for Britain. He says: stand up, play politics and put that before the national interest.
The problem is that the assurances are “vague”, have “caveats” and are “inappropriate”. Those are not my words, but the words of the president of the Royal Society. The assurances are useless and there is no guarantee on R and D.
Let us talk about jobs. The head of Pfizer said yesterday:
“There will be job cuts somewhere”.
Has the Prime Minister got an assurance that those job cuts will not take place in the UK?
But the Prime Minister’s negotiations are not working—they are worthless. On R and D and jobs, he has no answer.
Let us try the Prime Minister on another issue: the possible carving up of the merged company. Nobody wants the company to be bought, split up and then sold off. Has he got assurances that that will not happen in the case of this takeover?
But the Prime Minister’s negotiations are not working—they are worthless. On R and D and jobs, he has no answer.
Let us try the Prime Minister on another issue: the possible carving up of the merged company. Nobody wants the company to be bought, split up and then sold off. Has he got assurances that that will not happen in the case of this takeover?
What we want is a good outcome for British investment and British jobs. We know what happens if you take the approach of the Labour party. Let us remember Kraft and Cadbury. What did we have? We had outright opposition, wonderful speeches about blocking investment and then complete and abject surrender and the closure of plants under Labour. That is what happened. We have learned the lessons of the mistakes Labour made. We are operating under the framework that it left us—which, incidentally, the right hon. Gentleman wrote when he was at the Treasury—and we will get results for British science, British jobs and investment by being engaged rather than standing off and playing politics.
What we want is a good outcome for British investment and British jobs. We know what happens if you take the approach of the Labour party. Let us remember Kraft and Cadbury. What did we have? We had outright opposition, wonderful speeches about blocking investment and then complete and abject surrender and the closure of plants under Labour. That is what happened. We have learned the lessons of the mistakes Labour made. We are operating under the framework that it left us—which, incidentally, the right hon. Gentleman wrote when he was at the Treasury—and we will get results for British science, British jobs and investment by being engaged rather than standing off and playing politics.
What we want is a good outcome for British investment and British jobs. We know what happens if you take the approach of the Labour party. Let us remember Kraft and Cadbury. What did we have? We had outright opposition, wonderful speeches about blocking investment and then complete and abject surrender and the closure of plants under Labour. That is what happened. We have learned the lessons of the mistakes Labour made. We are operating under the framework that it left us—which, incidentally, the right hon. Gentleman wrote when he was at the Treasury—and we will get results for British science, British jobs and investment by being engaged rather than standing off and playing politics.
But the Prime Minister’s negotiations are not working—they are worthless. On R and D and jobs, he has no answer.
Let us try the Prime Minister on another issue: the possible carving up of the merged company. Nobody wants the company to be bought, split up and then sold off. Has he got assurances that that will not happen in the case of this takeover?