UK Parliament’s Business and Trade Committee convenes evidence session on UK economic security and investment screening

UK Parliament’s Business and Trade Committee is holding hearings under its inquiry into UK economic security, bringing together public, private and investment-sector experts to assess how well the UK is positioned to withstand emerging threats. The session will focus on the security of critical supply chains and whether the UK’s investment screening regime and government support to businesses are adequate. The Committee is examining hostile state threats, cyber-attacks, sanctions and tariffs, and whether the Government effectively shares intelligence with the private sector to support a co-ordinated response. It links the hearing to recent concerns including controversy around Chinese ownership of British Steel, emergency Government action relating to British Steel, supply-chain vulnerabilities highlighted by Covid-19 and the invasion of Ukraine, and high-impact cyber-attacks affecting Marks and Spencer, The Co-op and Harrods. Chair Liam Byrne also questioned whether the UK’s economic security regime is overly secretive and pointed to approaches in other countries such as Japan. The evidence session is scheduled for 7 May from 2.15 pm, with witnesses including Helen Kennett (Global Counsel), Alexandra Kellert (Control Risks) and Sir Simon Fraser (Flint Global), followed by Lord Sedwill and RAND Europe’s Dr Francesca Ghiretti with Catherine Royle, and then Mike Reid (Frog Capital), Nicole Kar (Paul, Weiss) and Martin Mc Elwee (Freshfields).