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National Security and Investment Bill and response to the National Security and Investment White Paper
11 November 2020
Type
Written Ministerial Statement
Department
Department for Business, Energy and Industrial Strategy
At a Glance
Issue Summary
Alok Sharma is introducing the National Security and Investment Bill to update investment screening powers while maintaining an open economy.
Action Requested
The minister is publishing the Government's response to public consultation on the White Paper, an Impact Assessment for the Bill, and a revised draft Statement of Policy. He is also launching a consultation on secondary legislation to define sectors subject to mandatory notification.
Key Facts
- Since 2010/11, over 600,000 new jobs have been created in the UK due to FDI.
- Over $750 billion has flowed into the UK as a result of FDI during that period.
- The National Security and Investment Bill will require notification and clearance of investments in key sectors like defence and artificial intelligence.
- Transactions subject to mandatory notification cannot proceed without Government approval.
- Clearance for most transactions will be provided within 30 working days through a new digital portal.
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Assessment & feedback
Summary accuracy