Ministers should have the power to intervene in the Asda-Sainsbury’s merger if the deal disproportionately hits the north, Rebecca Long-Bailey has said.
Labour’s Shadow Business Secretary said MPs should have a statutory right to intervene in a business deal when deprived communities heavily lose out.
As it stands, a merger cannot be halted unless it puts at risk national security, media plurality or the UK’s financial security – but Long Bailey says the public interest test for interventions should be broadened to include when the economy is hit.
It came as Sainsbury’s confirmed on Monday that it has agreed terms for an eye-popping £12bn merger with Walmart-owned Asda as one of the biggest retail deals in UK history began to take shape.
The competition watchdog, the Competition and Markets Authority (CMA), is expected to scrutinise the deal…