House of Commons · Written Ministerial Statement
Economic Security
18 April 2024 · Cabinet Office
Proposed by Oliver Dowden Con Hertsmere
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The Department for Business and Trade will consult on strengthening export controls.
- The Military End Use Control review details will be provided to address national security risks.
- The Cabinet Office will publish a response to the Call for Evidence on the NSI Act with plans for updates and consultations.
Issue summary
The statement addresses steps to enhance economic security in response to rising geopolitical competition and vulnerabilities associated with an open economy.
Action requested
The Department for Business and Trade will consult on strengthening export controls, provide details on the Military End Use Control review, engage allies and businesses to assess national security risks from outward direct investments, and update guidance under the NSI Act. The Cabinet Office will also publish a response to the Call for Evidence on the NSI Act with plans for updates and consultations.
Key facts
- UK's economic openness is a strength but poses vulnerabilities.
- Department for Business and Trade will consult on steps to strengthen export controls.
- Review of Military End Use Control by the Department for Business and Trade.
- Engage allies and businesses over the next 12 months to assess national security risks from outward direct investments.
- Update guidance under the NSI Act and consider exemptions from mandatory notification requirements.
- Publish a response to the Call for Evidence on the National Security and Investment (NSI) Act.