FOREIGN OWNERSHIP

That this House believes that it has become increasingly difficult to define the British economy in the face of industrial takeover by foreign interests; notes with concern that increasing tranches of industry based in the UK are now owned by individuals and companies registered outside the UK, including for example the proposed takeover of the Corus steel company by Indian company Tata, passenger car manufacturers owned by Japanese, Korean, American and German companies, national newspapers and satellite television channels owned by a naturalised American and Australian-born media magnate and public utilities, health and education private finance initiative projects, roads and bridges owned and run by companies based abroad; further notes with dismay that even Premiership football clubs are being bought by American, Russian and Icelandic business interests and that defence institutions are being operated under contract by US consultancy groups; believes that balanced immigration adds to the multicultural richness of the United Kingdom, but considers that the selling-off of many British economic assets to foreign interests in an orgy of unfettered globalisation is dangerous for the long-term stability and welfare of UK society; and calls upon the Government to evaluate the damage done to the United Kingdom of this great asset-stripping by foreign commercial interests and the resulting difficulty in defining Britishness.