Enterprise Act 2002 (Mergers Involving Newspaper Enterprises and Foreign Powers) Regulations 2025

Debate between Lord Udny-Lister and Lord Cromwell

Tuesday 22nd July 2025 Lords Chamber

[Lord Cromwell (CB)]

My Lords, two practical things are puzzling me. First, if we swallow the ideas that 15% does not bring influence and that it can be checked, monitored and proved—both of which are quite big mouthfuls to swallow—what action will actually be taken? What penalty will be imposed that will not damage the very publication that we are talking about?

Secondly, we are asked to allow this investment because there is, in essence, an existential threat. That feels to me like a bailout. What will happen if that cash runs out and more is needed? Will there be pressure for, perhaps, a further 5% to be added? Alternatively, will we have another discussion about what an acceptable level of shareholding will be to bail out that newspaper again? I do not have complex conspiracy theories in mind, but that seems an obvious trap. If you give money to a struggling business, it is likely to ask you for more later, which will give you more control.

[Lord Udny-Lister (Con)]

My Lords, I oppose the Motion from the noble Lord, Lord Fox. In so doing, I have a non-pecuniary declaration I must make: I am the co-chairman of the UAE-UK Business Council, so I am fully aware of the situation there.

The Government’s proposal would allow a minority, non-controlling stake of up to 15%. I cannot see any issue with this, for this is not a majority control nor is it a back-door granting of our press to be editorially censored by foreign state actors. We are simply discussing the ability for our national newspapers to seek investments needed to survive in this interconnected world in which we now operate.