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Government approval for the sale of defence giant Cobham risks national security, critics have warned.

The Tories have been accused of selling the family silver to a US firm after announcing they had rubber stamped the £4billion deal at 10pm on Friday night.

Acting Lib Dem leader Ed Davey said it was “deeply concerning”, adding: “If Boris Johnson ’s government are happy to sell off a leading UK defence and aerospace company to Trump’s America, how can we expect his government to protect our defence and manufacturing sectors, not to mention every other sector of our economy, as they negotiate trade deals after Brexit ?”

(Image: PA)

Advent International made their offer to buy Cobham in July, but it was delayed when the government intervened over national security concerns.

Lady Nadine Cobham, whose family founded the air-to-air refuelling experts, said: “This is a deeply disappointing announcement and one cynically timed to avoid scrutiny on the weekend before Christmas.

“In one of its first major economic decisions, the government is not taking back control so much as handing it away.”

(Image: cobham)

The business, founded in 1934 as Flight Refuelling Ltd, was floated in 1985 but the family maintained a large stake. The firm’s air-to-air refuelling technology played a key role in the 1982 Falklands war.

Cobham, which employs 10,000 people, has extensive contracts with the British military and is seen as a world leader in air-to-air refuelling technology.

The firm, based in Wimborne, Dorset, also makes electronic warfare systems and communications for military vehicles.

PM Boris Johnson said the UK remained a “dynamic” part of the defence industry.

David Lockwood, the chief executive of Cobham, said: “We are grateful to the secretary of state for her diligent handling of the process over the last few weeks and the certainty she has delivered for all stakeholders, most importantly our employees, before the Christmas break.”

Business Secretary Andrea Leadsom said she was satisfied security risks previously raised had been reduced “to an acceptable level”.