§ Mr. Hooleyasked the Secretary of State for Trade what powers he possesses to prevent the take-over of British publishing companies by foreign subversive interests.
§ Mr. MeacherAll inward investment requires permission under the Exchange Control Act 1947.
In certain circumstances, a merger might be referable to the Monopolies and 307W Mergers Commission for investigation and report.
Under part II of the Industry Act 1975, I have powers to prevent a foreign takeover where it appears to me that there is a serious and immediate probability of a change in control of an important manufacturing, including publishing, undertaking and that the change in control would be contrary to the interests of the United Kingdom or of a substantial part of it. I also have powers to undo such a change in control if I learn of it after it has occurred. During the passage of the legislation, Ministers made it clear that these powers were to be considered as reserve powers for use when other powers were inappropriate.