By Matthew Roscoe • 11 November 2020 • 12:34
THE UK is set to introduce new plans that give more powers given to ministers to stop deals that risk national security.
According to a government announcement on Wednesday, November 11, Britain will intervene to block takeovers and corporate deals that threaten national security, in a new bill published today.
The National Security and Investment Bill details the proposed new laws in potentially sensitive sectors such as defence and energy, that will give ministers new powers to scrutinise and intervene in “malicious” foreign investment.
These new laws would address long-standing concerns that some deals could compromise security or vital infrastructure.
“Hostile actors should be in no doubt – there is no back door into the UK,” said business minister Alok Sharma.
“This bill will mean that we can continue to welcome job-creating investment to our shores, while shutting out those who could threaten the safety of the British people.”
The new national security bill will ask companies to seek approval for any potential deal – from takeovers to asset and intellectual property sales – involving a range of sectors, such as defence energy and transport or artificial intelligence and encryption.
The laws would explicitly state that national security is the only ground for intervention and companies that failed to comply could be fined, and executives could be jailed.
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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