National Security and Investment Bill — House of Commons, 2021-01-20
Topic: International Affairs
Richard James Shannon (Democratic Unionist Party, Right): On behalf of the Democratic Unionist party, I congratulate the Secretary of State on his elevation. It is a well-deserved promotion, so congratulations and well done May I echo your comments, Mr Deputy Speaker, in relation to the election of the President of the United States, Joe Biden, and his Vice-President, Kamala Harris? I wish them both well and hope they have a very strong relationship over the next few years We are all aware that the Foreign Affairs Committee and the Defence Committee both launched inquiries in 2020 that touch on concerns relating to the current Competition and Markets Authority regime. As the Library briefing for this debate makes clear: "Comments from the Chairs of the inquiries indicated that there could be support for a strengthened regime in order to protect national security"; I believe that today the Government and the Secretary of State have ensured that. However, neither Committee has yet reported in full, and I am keen to see their recommendations and findings being part of the foundation of any change in legislation. I know that the Government and particularly the Secretary of State, like me, highly value the work of those Committees and the findings that they present. I would be interested to see the work undertaken by those renowned Committees in tandem with the Bill to ensure that we achieve a holistic approach to this matter of national security Will the Secretary of State outline how he believes that those concerns are addressed in the Bill? What surety and certainty can we have, for example, that a small independent business that is setting up in Ards business centre in my constituency—a family-run business, with an American investor who is a close family friend—will not fall foul of this legislation, and that the Bill will not prevent investment by foreign investors in Northern Ireland, which undoubtedly has the UK’s most attractive investment potential? I would say that, of course, but I believe it to be the case as well Some have questioned this radical overhaul, particularly given that only 12 national security investigations have been undertaken under the existing regime. There are also concerns, I believe, that the expanded notification system will lead to a dramatic increase in cases subject to review, leading to bureaucracy as well as delay and doubts for potential investment decisions—a situation that might discourage investment. Again, can the Secretary of State assure us that investment will be encouraged? The impact assessment published alongside the Bill indicates that there could be 1,000 to 1,830 transactions notified under the new system each year. Those are some queries—fundamental questions, too—that I believe deserve acknowledgement and a response, so I would sincerely appreciate it if the Secretary of State gave further assurances that we are equipped and ready to deal with these changes, and that we will not lose investment at a time when the need to rebuild is stronger than at any time since the second world war We need investment, but I agree with the Government that the security of our nation is paramount. I give my full support in that aim to the Secretary of State and our Government, and I trust that they will enable investment in areas that are straightforward, without backlogs or delays Question put and agreed to. Bill accordingly read the Third time and passed.