Chair for the Defence Sub-Committee on Foreign Involvement in the Defence Supply Chain, Richard Drax MP, reacts to the National Security and Investment Bill

The Chair for the Sub-Committee on Foreign Involvement in the Defence Supply Chain, Richard Drax MP, has reacted to the Government’s introduction today of the National Security and Investment Bill (NSI Bill). The Bill marks a step change in the Government’s enforcement powers to screen investments and to address any national security risks they may involve.

Responding to the Bill, Chair of the Sub-Committee Richard Drax MP said:

“We are pleased that this long-awaited Bill has been introduced. The Bill, as proposed, envisages a much stronger foreign investment regime which Parliament will examine closely over the coming months.

“The Defence Committee has identified this as an area of critical importance to our security and defence, and has launched a Sub-Committee on Foreign Involvement in the Defence Supply Chain. The Sub-Committee’s first evidence session on 9 November focused, in part, on the NSI Bill. We will continue our scrutiny of this important piece of legislation, with further sessions planned, including one on 23 November.

“The risks from hostile foreign involvement remain ever-present, particularly in light of the financial impact of COVID-19, and in recent years it has become evident that state actors, such as Russia and China, are employing covert and increasingly creative methods to gain intelligence and to exert influence. We hope that this Bill will provide Government with the powers to respond to hostile challenges.”