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12 December 2023 - NSI Act 2021: Annual Report 2022-2023 - Oral evidence

Committee Business and Trade Sub-Committee on National Security and Investment
Inquiry NSI Act 2021: Annual Report 2022-2023

Tuesday 12 December 2023

Start times: 9:30am (private) 10:00am (public)

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Is the Government’s investment screening system working? MPs question Minister

Minister Nusrat Ghani gives evidence to the Business and Trade Committee on the Government’s approach to screening investments for potential national security risks.

The National Security and Investment (NSI) Act, which became operational in January 2022, established a regime for screening foreign investments in UK companies, through the Investment Security Unit (ISU). The NSI Act lists 17 sensitive sectors of the economy, within which companies are legally required to notify the Government of acquisitions. These include advanced robotics, artificial intelligence, defence, energy, transport and data infrastructure.

Meeting details

At 10:00am: Oral evidence
Work NSI Act 2021: Annual Report 2022-2023 (Non-inquiry session)
Minister of State for the Investment Security Unit at Cabinet Office
Director, Investment Security Unit at Cabinet Office

In March 2023, the Committee held an evidence session with industry practitioners. Witnesses were content with the system overall but said more could be done to improve communication and information-sharing with those going through the screening process. Meanwhile, others have criticised the system for a lack of transparency or accountability.

MPs are likely to ask the Minister for an assessment of the new regime’s successes and challenges so far, following the publication of the ISU’s Annual Report in July 2023. They may also ask how the Government is improving business confidence in the regime, and how it plans to address concerns that the system is not transparent enough, ahead of a recently announced review of the Act.


Room 8, Palace of Westminster

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