Deputy Prime Minister delivers speech on Economic Security at Chatham House

Oliver Dowden, today, made some key announcements at Chatham House on the UK’s economic security, particularly referencing the rising geopolitical competition and how it demonstrates growing security risks. The notable areas of interest for techUK members include the incoming guidance on NSIA definitions of critical minerals and semiconductors as well as an incoming consultation on export controls for emerging technologies.

Key announcements:

1. Publication of the Government’s response to the recent Call for Evidence on the National Security & Investment Act (NSIA).
    
2. Incoming publication of guidance on the NSIA including how the Act can apply to academia; updates to mandatory area definitions including new definitions of critical minerals and semiconductors – which will go out for public consultation in the coming weeks.
    
3. Consideration of targeted legislative exemptions from the Act’s mandatory notification requirements.
    
4. Incoming consultation on improvements to the UK’s Export Controls on Emerging Technologies – noting that the UK has a strong set of tools to prevent exports of concern, yet this regime has posed challenges to a small number of UK exporters.
    
5. Continuity of developments to the UK’s Anti-Coercion Toolkit including investing in civil service capability; increasing stress testing and exercising; more security-cleared officials; and working with the G7 and other partners to tackle future threats.
    
6. Evaluation of whether further action is needed on the very small proportion of outbound investments which could pose a threat to national security – through further engagement with G7 allies and businesses to better understand the risk.
    
7. Launch of a dedicated analytical team to deepen understanding of potential risks of outward investment in sensitive sectors.
    
8. Incoming published guidance on how the existing NSIA powers allow the Government to intervene in certain outbound investment transactions.
    
9. Refresh of the National Protective Security Authority (NPSA) Secure Business campaign through the launch of a new tool by the NPSA and National Cyber Security Centre (NCSC) to help small tech businesses and university spinouts assess and improve their security.

You can find the Deputy Prime Minister’s full speech here. We are investigating this further with the relevant Government departments and are hoping to facilitate industry engagement on the matter in due course.