Support for parliamentary veto of Uae-backed Telegraph bid
MINISTERS and officials are holding discussions on whether to back an amendment that would give Parliament a veto over the Uae-backed takeover of The Telegraph.
Talks are taking place across multiple departments in Whitehall about an amendment that would give the Lords and the Commons powers to prevent any sale to a foreign state.
Labour is also considering whether to back the amendment, which has been tabled in the Lords, with party officials planning to meet yesterday for discussions.
The amendment has been tabled by Tory peer Baroness Stowell but already has the backing of more than 100 MPS who have signed a letter to Lucy Frazer, the Culture Secretary, calling for Rishi Sunak’s backing. The Government is understood to have recognised the strength of feeling behind the group, who have signalled support for the amendment to the Digital Markets, Competition and Consumers Bill.
The Bill comes before the
‘We will consider all amendments proposed in the usual way’
Lords next week and if the amendment passes there it will be heard by MPS in the Commons later.
Last night a government spokesman said: “We will consider all amendments proposed in the usual way.”
Sir Keir Starmer and his shadow culture secretary, Thangam Debbonaire, have yet to decide whether to support the move. The letter to Ms Frazer backed powers for Parliament to block the proposed Abu Dhabi takeover of The Telegraph, calling it a “dangerous Rubicon” that must not be crossed.
Led by former Cabinet minister Robert Jenrick, the letter was signed by MPS from all parties.
The proposed takeover of The Telegraph is in limbo pending investigations by Ofcom and the Competition and Markets Authority.
Redbird IMI, a fund 75pc backed by Abu Dhabi’s Sheikh Mansour bin Zayed al-nahyan, the vice-president of the UAE, has positioned itself to take control of The Telegraph in a complex £1.2bn debt deal with the Barclay family, which values the company at £600m.
It has pledged to protect editorial independence.