Clause 58 - Minor and Consequential Amendments and Revocations

National Security and Investment Bill – in a Public Bill Committee at 12:15 pm on 10th December 2020.

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Question proposed, That the clause stand part of the Bill.

Photo of Derek Twigg Derek Twigg Labour, Halton

With this it will be convenient to consider that schedule 2 be the Second schedule to the Bill.

Photo of Nadhim Zahawi Nadhim Zahawi Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), The Parliamentary Under-Secretary for Health and Social Care

Clause 58 is purely technical in nature and inserts schedule 2 into the Bill. Schedule 2 provides for minor and consequential amendments and revocations. The Secretary of State currently has the power to intervene in qualifying mergers on national security grounds by issuing a public interest intervention notice, a special intervention notice or a European intervention notice under the Enterprise Act 2002, where the statutory requirements are met. It would clearly be unnecessary for the Secretary of State to retain these powers once the provisions of the Bill come into force. Schedule 2 therefore removes national security as a ground on which the Secretary of State may intervene under the Enterprise Act 2002. The Secretary of State will retain the powers in the Enterprise Act 2002 to intervene in qualifying mergers where these raise issues of media plurality, the stability of the UK financial system or maintaining in the UK the capability to combat and to mitigate the effects of public health emergencies.

Question put and agreed to.

Clause 58 accordingly ordered to stand part of the Bill.

Schedule 2 agreed to.