Ministers accused of prioritising UAE interests in Telegraph ownership row
Ministers have been accused of prioritising the interests of the United Arab Emirates (UAE) over press freedom in a row over the ownership of The Telegraph.
Baroness Stowell, a Conservative peer, took aim at the Government for failing to say when it would introduce new laws that are crucial to the onward sale of the newspaper.
She said: 'We are left to assume that the Government are prioritising the sensibilities of a foreign government, who do not share our commitment to press freedom, over the news industry, the importance of press freedom and the survival of one of our national newspapers.'
RedBird IMI, the UAE-backed fund that owns The Telegraph, has been forced to sell the title after ministers intervened last year to ban foreign state ownership of newspapers.
However, secondary legislation creating limited exemptions to the ban is still yet to materialise and RedBird IMI has still not found a buyer.
The secondary legislation is considered vital across the news industry to address concerns that the foreign ownership ban could have unintended consequences for publishers such as Rupert Murdoch's News Corp and DMGT, the publisher of the Daily Mail.
A consultation into proposals that would allow sovereign wealth funds and pension funds to hold small minority stakes in British newspapers and magazines closed in early July last year.
Lady Stowell, who played a crucial role in blocking the UAE takeover, said the secondary laws were 'important to the whole news industry and to the sale of The Telegraph'.
Responding to the criticism, Baroness Twycross, culture minister, said the new legislation 'raises complex issues and involves multiple interests across government'.
She added: 'We are committed to considering this carefully and ensuring we understand the implications of such changes, including on the industry. It is important that we get this right.'
Pressed on a timeline for the new laws, Lady Twycross said they would be tabled 'very shortly'.
The Telegraph has been stuck in limbo for more than a year and uncertainty is growing over the newspaper's future ownership.
RedBird IMI, which does not control The Telegraph but owns the debt secured against it, last year ran an auction to sell the title, but a deal is yet to materialise.
Dovid Efune, the US news publisher who emerged as the leading bidder, has struggled to raise financing to meet the £550m price tag demanded by the UAE fund.
Ministers have previously refused to set a deadline for an onward sale, but insisted earlier this month that RedBird IMI had a 'clear intention' to sell up 'as soon as possible'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leader Live
6 minutes ago
- Leader Live
Key points announced ahead of Rachel Reeves' spending review
The review, which will set out day-to-day spending plans for the next three years and capital spending plans for the next four, is expected to see boosts for the NHS, defence and schools. But it is also likely to involve squeezes for other departments as the Chancellor seeks to keep within the fiscal rules she has set for herself. Her room for manoeuvre has also been further constrained by the Government's U-turn on winter fuel payments, which will see the benefit paid to pensioners receiving up to £35,000 per year at a cost of around £1.25 billion to the Treasury. The full details will be revealed in the Commons on Wednesday, but several announcements have already been made. They include: – £15.6 billion for public transport projects in England's city regions; – £16.7 billion for nuclear power projects, including £14.2 billion for the new Sizewell C power plant in Suffolk; – £39 billion over the next 10 years to build affordable and social housing; – An extension of the £3 bus fare cap until March 2027; – £445 million for upgrades to Welsh railways. The Chancellor is also expected to announce changes to the Treasury's 'green book' rules that govern whether major projects are approved. The Government hopes that changing the green book will make it easier to invest in areas outside London and the South East.
The Herald Scotland
15 minutes ago
- The Herald Scotland
Key points announced ahead of Rachel Reeves' spending review
But it is also likely to involve squeezes for other departments as the Chancellor seeks to keep within the fiscal rules she has set for herself. Her room for manoeuvre has also been further constrained by the Government's U-turn on winter fuel payments, which will see the benefit paid to pensioners receiving up to £35,000 per year at a cost of around £1.25 billion to the Treasury. The full details will be revealed in the Commons on Wednesday, but several announcements have already been made. They include: – £15.6 billion for public transport projects in England's city regions; – £16.7 billion for nuclear power projects, including £14.2 billion for the new Sizewell C power plant in Suffolk; – £39 billion over the next 10 years to build affordable and social housing; – An extension of the £3 bus fare cap until March 2027; – £445 million for upgrades to Welsh railways. The Chancellor is also expected to announce changes to the Treasury's 'green book' rules that govern whether major projects are approved. The Government hopes that changing the green book will make it easier to invest in areas outside London and the South East.
Western Telegraph
24 minutes ago
- Western Telegraph
Key points announced ahead of Rachel Reeves' spending review
The review, which will set out day-to-day spending plans for the next three years and capital spending plans for the next four, is expected to see boosts for the NHS, defence and schools. But it is also likely to involve squeezes for other departments as the Chancellor seeks to keep within the fiscal rules she has set for herself. Her room for manoeuvre has also been further constrained by the Government's U-turn on winter fuel payments, which will see the benefit paid to pensioners receiving up to £35,000 per year at a cost of around £1.25 billion to the Treasury. The full details will be revealed in the Commons on Wednesday, but several announcements have already been made. They include: – £15.6 billion for public transport projects in England's city regions; – £16.7 billion for nuclear power projects, including £14.2 billion for the new Sizewell C power plant in Suffolk; – £39 billion over the next 10 years to build affordable and social housing; – An extension of the £3 bus fare cap until March 2027; – £445 million for upgrades to Welsh railways. The Chancellor is also expected to announce changes to the Treasury's 'green book' rules that govern whether major projects are approved. The Government hopes that changing the green book will make it easier to invest in areas outside London and the South East.
