Daniel Zeichner MP again demanded ministers intervene in the sale of Arm, today in the House of Commons.
He urged ministers to take action both to protect high-skilled jobs but also to defend the company from US rules that could see Arm’s tech used in a trade war.
Mr Zeichner wants the Government to secure an exemption from the USA’s CFIUS rules. The once obscure government committee controls the fate of multi-billion dollar tech companies and is increasingly being used by Donald Trump as a key front in his ongoing trade war with China.
Leading figures in the tech industry and trade unions warn that without legally binding safeguards, decisions about Arm’s future will be made in the White House and threaten the company’s neutrality which has been key to its success.”
In the Commons Daniel Zeichner asked the Minister, “Why on earth would we want to throw away such a bargaining chip ahead of trade negotiations?”
Mr Zeichner said: “I have been raising the issue of Arm for weeks with ministers so this sale cannot possibly come as a surprise to them. This is a huge deal and it needs ministers to be dealing with their equivalents at the highest level in the States. They cannot simply nod this through and hand over decision-making power to a foreign state. It is bad for our economy, bad for national security, as well as being incomprehensible tactically ahead of trying to strike a trade deal. It’s weak, feeble and foolish.”