My Lords, I served on the Standing Committee of the Enterprise Act back in 2002, and at that time the public interest intervention was limited to national security and quite narrowly defined. As the noble Lord said when he introduced these orders, it has been extended considerably since. Frankly, I think it is right to do so and I think that these orders are correct, too. In saying that, I stress that the guidance published in June by the Government very well illustrates that. The point was made that if companies developing new antibodies or a vaccine were to be taken over by overseas entities, the potential loss of control of that intellectual property would be very significant.
Much of the public interest interventions now, in these orders and elsewhere, are really about intellectual property. With our Government quite rightly investing a great deal of taxpayers’ money in IP, we must be sure to avoid overseas acquisitions of UK interests that deprive us of the benefit of that UK-generated IP. The turnover test and the share of supply test should be sufficient—but if, for example, one puts IP into a small company which is not necessarily trading otherwise, we may also need a transaction value test, and I hope Ministers will consider that.
I have one final point that I do not want to be lost. I was involved in introducing the public interest test on media mergers in 2003. There is unfinished business in redefining “media” for the purposes of Section 58 of the Enterprise Act, and I do hope that Ministers will get on with that, too.