SoftBank's proposed acquisition of ARM Holdings represents a huge vote of confidence in the British economy and our continued future as a world-leading destination for global investment. It is especially great news for our technology sector. SoftBank has said it firmly believes that Cambridge will be the global centre for developing the internet of things, and ARM will play a key role in developing that industry. This is a sentiment I wholeheartedly support.
While I appreciate there are some concerns about the deal, I am pleased see commitments from SoftBank to double the number of ARM employees in the UK over the next five years and maintain the company's headquarters in Cambridge. The Government wants to see the companies work together in the coming weeks and months to make sure these commitments are binding.
The proposed acquisition is proof that as we leave the EU and forge a new role for ourselves in the world, we will continue to trade with our partners across the globe. Britain is the same outward-looking, globally-minded, big-thinking country we have always been - and we remain open for business.
