Lord Gerry Grimstone, Britain’s investment minister, insisted the UK is not becoming more protectionist, arguing that Chinese investment was welcome provided it is “to our advantage” and defending the private equity industry targeting British companies.
Britain will in January introduce sweeping new national security laws covering foreign takeovers, while ministers are looking to reduce the role of Chinese companies in the UK’s telecoms and nuclear energy sector.
But Grimstone told the FT that foreign investment drove productivity and created well paid jobs; new rules for screening foreign bids for domestic companies would set clear and “efficient” ground rules.
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