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"NO OTHER COUNTRY WOULD TREAT A NATIONAL ASSET LIKE THIS" – CAMBRIDGE MP CALLS FOR GOVERNMENT ACTION OVER ARM SALE
10th August, 2020
Daniel Zeichner MP has today urged the Business Secretary to intervene as it was reported that SoftBank the current Japanese owners of Cambridge-based ARM are in talks to sell the business to US company Nvidia.
The global technology giant ARM, with its head office in Cambridge, produces the "blueprints" on which computer chips are built.
Mr Zeichner, who opposed the original sale to the Japanese company, says that ARM is a company of national significance and the government need to ensure that this asset is in British hands.
In a letter to the business secretary Mr Zeichner says: "ARM is strategically important for the UK and so I am seeking reassurances that the Government will not allow it to be sold on again, and instead take back control. No other country would allow such a vital asset to be treated like this."
Mr Zeichner says there are a number of options the government could consider such as taking a strategic stake in ARM; for the government to encourage other UK companies to form a consortium with the backing of Treasury, British Growth Fund and British Investment Bank; or to assure 50% of its shares are owned by UK companies and the government.
The Cambridge MP said: "Almost every smart phone is powered by ARM chips and as the internet of things grows, yet more of ARM's technology will be ever present in our lives. ARM in Britain is good for innovation; good for security; and good for our economy. It is time for the Government to step up so we can safeguard jobs, and bring the power to decide on this vital asset's future back to Britain."
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Email: daniel@danielzeichner.co.uk
Promoted by Stefan Mullard on behalf of Daniel Zeichner, all at Alex Wood Hall, Norfolk Street, Cambridge, CB1 2LD