The Economist (20201114) by calibre

Author:calibre
Language: eng
Format: azw3, mobi, pdf
Tags: news, The Economist
Publisher: calibre
Published: 2020-11-12T22:50:04.240000+00:00

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This article was downloaded by calibre from https://www.economist.com/britain/2020/11/14/protest-is-spreading-to-the-provinces

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Foreign direct investment

The law on foreign takeovers is being tightened

It’s not about China, honest

Nov 14th 2020 |

IN SEPTEMBER 2016, Theresa May approved a plan allowing a state-owned Chinese company to take a minority stake in a project to build Hinkley Point nuclear power station, but her government was uncomfortable with the decision. It carried out a review of its power to control foreign investments from a national-security standpoint, and found it wanting.

On November 11th Boris Johnson’s government introduced legislation stemming from that review process to Parliament. The bill would require companies to tell the government about any planned transactions within 17 areas of the economy, focused on technology, including categories as broad as “computing hardware”, “artificial intelligence” and “data infrastructure”. The government will also have the power to unwind any transaction completed within the last five years if it deems that transaction to be a matter of “national security”.

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