It seems we’ll never find out exactly what Boris Johnson meant when he said that no action [was] off the table to prevent six of England’s largest football clubs from joining the much-maligned European Super League; all six have pulled out. But the speed and enthusiasm with which the government condemned the new league was something to behold. Within hours of the league’s big reveal, everyone from the future king to the
X-Factor 2004 winner had moved to condemn it, while Oliver Dowden, the Secretary of State for digital, culture, media and sport, solemnly lamented that he was left with “no choice but to formally trigger… a fan-led review of football”. The Competition and Markets Authority (CMA), the UK’s competition regulator, said it was “carefully considering” competition concerns.
Explainer: Why has the UK intervened in Nvidia’s $40bn Arm merger?
Nvidia founder and boss Jensen Huang (Getty Images)
Ever since it was announced in September last year, Nvidia’s proposed $40bn (£30bn) takeover of British chipmaker Arm has proved controversial.
Critics including rival tech firms and former Arm executives were quick to hit out at the deal, warning of a negative impact for Britain and the semiconductor industry more widely.
Yesterday the government made a rare intervention, ordering an investigation into the planned tie-up. But what are the concerns and what does it mean for the UK’s M&A market?
The government’s decision to water down new foreign investment rules designed to protect national security casts serious doubt about its resolve to keep China out of the most sensitive parts of the British economy. Raising the threshold above which an overseas stake must be examined from 15 per cent to 25 per cent will sharply reduce the number of deals facing scrutiny.
The amendment to the National Security and Investment Bill, now wending its way through parliament, was presented by business secretary Kwasi Kwarteng as necessary to show Britain is still ‘open for business’. It follows intense lobbying by the Confederation of British Industry, which fears the new rules will deprive industry of investment just as it is emerging battered and bruised from the Covid pandemic.
Who can take on China in the tech arms race? spectator.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from spectator.co.uk Daily Mail and Mail on Sunday newspapers.
By Gazette reporter2021-04-15T07:48:00+01:00
A well-intentioned bid to tackle foreign investments that present a security risk to the UK could hit legitimate international business at a time when the economy can least afford it, the Law Society warned today as peers prepare to vote on amendments to the National Security and Investment Bill at the report stage.
Law Society president I. Stephanie Boyce said: ’Overall, the Law Society supports the National Security and Investment Bill, its clear intention to control foreign investments that may have national security implications, and the need for safeguards. However, as drafted the bill casts its net too wide across ill-defined territory and could easily make international business both more difficult and more uncertain in Britain.