Member

What I believe is important, once this regime is fully in place, is vigilance, and that is why I am pleased that the Government have extended the reporting requirements. Now, beyond notifying the Secretary of State, state-owned investors that take a stake of more than 5% within the aggregate cap will be required to publish the information online, which will in turn allow the Secretary of State to report this information to Parliament. Clearly, it would be better if the regulations themselves required the Secretary of State to inform Parliament every six months of such investment activity, but without the necessary power in the Enterprise Act to create such a regulatory requirement on her, we have to rely on the Secretary of State’s commitment to do so, as outlined in her Written Statement to Parliament on 30 October. As much as that is a firm commitment that we can hold her to, I think we should keep open the possibility of amending the Enterprise Act to hardwire this requirement on the Secretary of State as soon as an opportunity in primary legislation allows, but I am grateful for the innovative approach that has been taken by the department to ensure that the fundamental requirement that I made in July that the Secretary of State reports to Parliament on this has been met within the powers available to it.