My Lords, 85% of defence R&D is government funded. In the integrated review, the Government promised a defence and security industrial strategy that will “prioritise UK industrial capability”. Announcing it, Defence Minister Jeremy Quin said the DSIS
“will help retain onshore critical industries for our national security and our future.”—[Official Report, Commons, 23/3/21; col. 797.]
First Cobham, then Ultra Electronics and now Meggitt—these are all critical industries for our national security and our future. At what point will the Government follow their own strategy and try to slow the current US equity fund-led spree of buying these businesses?