(Stafford) (Con):
What manufacturing industry in the UK needs is long-term, patient
investment, as exemplified by companies such as JCB, Rolls-Royce
and Toyota—all in the west and east midlands. What we see in this
case, however, is a company willing to come in for a few years,
make short-term gains and pass back all that money to
shareholders, with very little investment, which is not in the
long-term interests of the UK economy. I accept that the
Secretary of State is limited in what he can do now, but will he
take another look at this whole issue and at where we can promote
long-term, stable investment in manufacturing? That is precisely
not the approach exemplified in this case.
The Secretary of State for Business, Energy and
Industrial Strategy (Greg Clark): Such long-term
commitments and partnerships are important, which is why they
were among the concerns I raised with the bidding company,
although it is obviously a matter for shareholders to decide. It
is fair to observe that GKN has also proposed to make some
changes to the ownership of its activities on the automotive
side. My hon. Friend is absolutely right about our commitment to
the very successful focus of our industrial society on the
automotive and aerospace sectors, and I expect the owners of
GKN—whether the existing management or an alternative—to maintain
that very deep involvement in a very successful set of
arrangements.
