But there are now added fears that the Covid crisis – which has wiped billions off the value of UK companies – could trigger a wave of attempts by Chinese private equity firms and other predators to pounce on cutting-edge groups on the cheap.
This could lead to a brain drain with highly skilled British jobs and intellectual property flowing overseas.
Conservative MP Bob Seely, who sits on the Commons foreign affairs committee, said: There is a problem with private equity anyway but we ve got to be wiser to what s happening when it s a Chinese firm. When it comes to buying up sensitive technologies, because China is a one-party state you have to wonder what the motives are – this can effectively be a surreptitious tech transfer.
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