Don't fear the East buying up Britain, says Hutton ( UK Business Scrtry says USA's policy is wrong)

This Is London / The Evening Standard (U.K.) ^ | January 18, 2008

[Stoat]

Don't fear the East buying up Britain, says Hutton

Last updated at 13:25pm on 18.01.08

 

 

Business alliances: Gordon Brown inspects the honour guard during a welcoming ceremony in Beijing on his official visit

British people have nothing to fear from seeing their firms gobbled up by the Chinese, Business Secretary John Hutton declared today.

In an exclusive interview with the Evening Standard, he hit back at critics of the Government's open-door policy towards China's ambitions to buy up western companies.

"If Britain is going to succeed in the new global economy it has to be open to foreign investment, just as we want to invest elsewhere," he insisted.

"And if you look at the scale of the potential investment, it is simply huge."

In comments that will be seen as a green light for Chinese investors, including its £100 billion sovereign wealth fund, Mr Hutton said there was a "fundamental choice" at stake.

Critics say it is wrong to let a communist state with a poor human rights record gain control of key industries and have contrasted the UK's relaxed attitude with America's "economic security" policy.

But the minister said the US was on the wrong side of the argument.

"I think it's a fundamental choice about whether they want to be open or, essentially, closed. Do they welcome investment - or keep it at arm's length?

"I believe strongly in open markets. I can only see that the UK can benefit."

He was speaking at the start of a delegation led by the Prime Minister and 25 business leaders to Beijing and Shanghai where it is hoped deals worth billions will be signed. The delegation officially opened a new Beijing office of the London Stock Exchange to strengthen China's access to the City.

"It is a very significant opportunity for the UK, especially for the City of London whose financial pre-eminence will make it a very attractive place for China to come," he said.

"For London, in particular, China represents not a threat but an exciting opportunity that we have got to seize with both hands.

" We have nothing to fear from sovereign wealth funds. We have strong regulation and much to gain. The quality of the business people on board this trip with the Prime Minister is testament to the importance of what is going on."

Last year, insurance exports to China soared by 69 per cent, giving an indication of the growth possible by exploiting the Chinese market of 1.3 billion people.

[Stoat]

The Rt Hon John Hutton

Secretary of State for Business, Enterprise and Regulatory Reform

The Rt Hon John Hutton MP

 

John Hutton was appointed the first Secretary of State for Business, Enterprise and Regulatory Reform when the new Department for Business, Enterprise and Regulatory Reform (BERR) was created by Gordon Brown in June 2007. BERR will help create the conditions for business success and promote productivity and enterprise, across Government and within the EU.

Prior to that he was Secretary of State Department of Work and Pensions.

John Hutton entered the Cabinet as Chancellor of the Duchy of Lancaster in May 2005. He was Minister of State with responsibility for Social Care at the Department of Health from 1999 and took on responsibility for Health in June 2001.

Before his election to Parliament he was a senior law lecturer at the University of Northumbria. After his election, from 1994 to 1997, he served on the Select Committee for Home Affairs.

He was Parliamentary Private Secretary to Margaret Beckett, both while she was President of the Board of Trade and Secretary of State for Trade and Industry (1997-1998), and in her role as President of the Council and Leader of the House of Commons (1998). Mr Hutton was appointed Parliamentary Under-Secretary of State for Health and Social Care in Oct 1998.

Mr Hutton was born on 6 May 1955 and was educated at Westcliffe High School and Magdalen College Oxford. He has three sons and one daughter.

[IronJack]

"If Britain is going to succeed in the new global economy it has to be open to foreign investment

Translation: "The capitalists will sell us the rope we use to hang them."

"And if you look at the scale of the potential investment, it is simply huge."

Translation: "A big enough whore isn't a whore anymore."

[Stoat]

It will be a question that people need to ask themselves:

If Britain’s businesses are all bought up by the Chinese, is it still Britain? Are you still British?

If America’s businesses are all bought up by the Saudis, is it still America? Are we still American?

[squidly]

That is certainly news to me that the U.S. resists foreign investment.

[Stoat]

That is certainly news to me that the U.S. resists foreign investment.

Indeed, and it's quite a commentary on Mr. Hutton's intentions if he feels that America's policies on foreign investment are so terribly restrictive.  If that's his feeling, what does he have in store for the UK?

[There You Go Again]

Please, we need to maintain our freedom to buy foreign companies and vice versa.....otherwise we have a bunch of right-wing religious morons closing our society....Give me the freedom to travel and buy and sell as I see fit.....the religious hucksters can go back to Arkansas....are we being overtaken by foreigners? Perhaps....but, look around, most of our girls are Brittany Spear lookalike sluts....Closing our society and having politicians control who we trade with isn’t going to solve the problem.....generally, it is the problem....

[Brilliant]

First time I’ve ever agreed with anyone that one of Brown’s ministers said. He’ll probably get sacked.

[Oldexpat]

The irony is that much of the sovereign funds are really retirement and welfare funds for their people.
While we are wasting our SS money and making nothing from it..they are investing.
We should take some of the SS money and invest it instead of going into the phony trust fund. We could invest even more if we had individual ss accounts..even something like FIRS which are federal employees have for their retirement.

[ROTB]

We can’t even step into Mecca/Medina. What makes you think we could buy an oil field in Saudi Arabia if we had the money?

[sam_paine]

If America’s businesses are all bought up by the Saudis, is it still America? Are we still American?

Gee whiz. Weren't you here in the 80's when Japan "bought Manhattan?" Remember Michael Keeton in "Gung Ho?"

America may not be America anymore....but it's because of people like Soros and Clinton....not because of Sony and Toyota buying land here.

[sonic109]

Yea but now outside countries are making our military hardware
and security gear . Someday the almighty dollar won’t be the bottom line as it is to many now. As long as it makes money it’s good , right ?

[sam_paine]

What makes you think we could buy an oil field in Saudi Arabia if we had the money?

Do a little research and find out what the "AM" in "Aramco" is from.

So let me ask you...was it ok when Socal controlled that venture in SA? Was it then ok for Texaco to take a joint investment from Aramco in refinery capacity here in the US? Or is refinery capacity in the US a bad thing to have?

And exactly when was a Saudi Air Force base stationed in our country to protect their assets? Seriously. Given that the US Navy can shut down any port at any time anywhere, is it ever really fair trade?

[sam_paine]

Yea but now outside countries are making our military hardware and security gear .

Simply not true. Were there chinese companies making beret's for Shinseki's Army, yes.

Are there F-22 manufacturing lines in Japan? No.

In fact, due to financial malfeasance from Boeing, I believe that there are even Airbus A330s being built in Alabama, for example. This is bad?

[Jakarta ex-pat]

"Someone's knockin' at the door

Somebody's ringin' the bell

Someone's knockin' at the door

Somebody's ringin' the bell

Do me a favor,

Open the door and let 'em in."

Well I’m a victim, so I don’t care

I’m anti- western, I want your share

I prey to Mecca, I terrorize,

I’m Armageddon, without surprise.

I’ll kill you future; I’ll kill your past

And if you let me, I'll do it

Fast

Yeah yeah yeah.

[Peter Libra]

Don't fear the East buying up Britain,says Hutton( UK Business Sctry say USA's policy is wrong).

Looking over the history of my native country, I cannot seem to find a precedent, for what seems to be a new revolution. I know that at school, all too many moons ago, we were taught about the "Industrial Revolution". The resultant misery and destruction of a pastoral way of life, that eventually resulted in vast improvements. This for the impoverished working classes.

The gentleman, Rt Hon John Hutton, has to adopt the now familiar saying ie: "Nothing to see, move along please". He just does not know of the eventual ramifications of his countries policy. I concede, he and those who believe in unbridled trade deficits, may well have created a "never, never land". Where there is no reality, just continuing "progress".

God help the United Kingdom, if he is wrong. A simple life's experience has taught me this. "He who pays the piper calls the tune". What about he who cannot pay the piper. The difference between affluent Arabic countries and poverty stricken African countries is often MONEY.

[Stoat]

You’re right of course, and it is glaringly evident that there are many passionate souls who believe, and stridently proclaim, that a Nation’s soul rests only on one element of it’s existence. I would submit that a Nation’s true value is composed of many things, some of which may not be immediately discernible to the bookkeepers.

The path that is now being traveled is one that cannot be easily returned, and the gold that we have been told lies at the end of the rainbow does not bear the mark “made in Great Britain” or “Made in the USA”.