Committees

Does the UK really know how to ‘do’ national economic security?

6 May 2025

The Business and Trade Committee will this week throw new light on the threat to UK economic security with hearings that convene some of the country’s top security experts from the public, private and investment sectors.  

In the wake of controversy over Chinese ownership of British Steel, cyber attacks on British retailers- and longstanding concerns about supply chain security exposed by Covid-19 and the invasion of Ukraine, the Committee is investigating how well the UK is placed to withstand rapidly emerging threats to national economic security. 

With the security of critical supply chains at stake, how can the UK’s investment screening regime be improved to support the growth of UK critical capabilities and help create a more resilient economy? 

Chair of the Committee Rt Hon Liam Byrne said: “We are a large, open economy that has long done well by welcoming investment from the four corners of the earth. But we’re in a new world now, and we can no longer behave like innocents abroad. It’s also not clear that that UK Government can persist with an economic security regime that is shrouded in secrecy. 

"Other advanced nations, like Japan, are organising a ‘whole of society’ approach to economic security that brings together public, private and investment sectors. As the risks to our economy grow, we are determined to make sure that the UK is learning from the best, and adapting for the future.” 

Hostile state threats – increasingly sophisticated overt or covert actions sponsored by foreign governments that fall short of direct conflict – have become a prominent part of threat assessments worldwide.  

In response, policy-makers increasingly link economic and trade policy with national security goals: but how well placed is the UK to respond to these emerging threats, and to support the national and commercial institutions and infrastructure that are its targets?  

The recent emergency Government action on British Steel raises questions on how well informed and prepared the UK and its policy-makers are in building and protecting national economic security.  

The Committee is investigating the guidance the UK Government currently offers to businesses grappling with an explosion in state and non-state threats to their operations and supply chains: from cyber-attacks to sanctions to tariffs.  In the week leading up to this evidence session major UK retailers – Marks and Spencer, The Co-op, Harrods – experienced high-impact cyber-attacks.  

Does the Government effectively share intelligence with the private sector, developing a co-ordinated response to incredibly sophisticated and well-resourced threats? 

How sound are the foundations of UK economic security and how does the UK compare with approaches taken by other countries?  

The Committee will question legal and security experts, as well as the investors trying to finance UK economic growth, on the state of the UK’s economic security regime. 

On Wednesday 7 May from 2.15pm  

  • Helen Kennett, Director, Trade and Industrial Policy at Global Counsel 
  • Alexandra Kellert, Associate Director at Control Risks 
  • Sir Simon Fraser, Founding Partner at Flint Global 

At approximately 3:00pm:  

At approximately 3:45pm  

  • Mike Reid, Senior Partner at Frog Capital 
  • Nicole Kar, Partner at Paul, Weiss 
  • Martin McElwee, Partner at Freshfields

Further information

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