ARM: Foreign Acquisition

Debate between Darren Jones and Caroline Dinenage

Monday 21st September 2020 Commons Chamber

[Darren Jones]

As a point of factual clarification, could the Minister confirm whether the impact of US trade sanctions is considered in the process that she set out with the CMA?

[Caroline Dinenage]

I think that that would depend on which aspect, of the four that are under consideration, the Secretary of State was looking at.

As the hon. Member for Cambridge and others know, the UK is a global leader in tech, with a proud history of innovation and invention. Our world-leading universities, financial sector and regulatory environment have produced pioneering researchers, scientific institutions and research projects, and the UK tech sector has the world’s highest proportion of overseas customers, driving our ability to forge global partnerships and attract the very best talent from around the world. From artificial intelligence to biotechnology, the UK has made huge breakthroughs, generating more billion-dollar tech firms than any other country in Europe. Nationally, we now have 82 companies that are worth more than $1 billion—more than France, Germany and the Netherlands combined.

We will, of course, continue to invest in science and technology and R&D-intensive emerging sectors such as artificial intelligence, quantum technologies and robotics. We will also continue to promote the UK as the very best place to start and grow a tech business. We have the skills, the location and the language, alongside a business-friendly environment, strong access to finance and a long-standing reputation for innovation.