Source · Select Committees · Business and Trade Committee
Recommendation 22
22
Accepted
Work with industry to prevent UK-US economic alignment creating unintended trade obstacles.
Recommendation
The Government should work closely with industry to ensure that closer UK– US alignment on economic security measures, such as investment screening and export controls, does not create unintended obstacles for legitimate trade and collaboration. It should provide clear guidance and consult widely with sectors most affected, including advanced technology and quantum industries. (Recommendation, Paragraph 124)
Government Response Summary
The government states that industry engagement is central to its approach, citing existing initiatives like NPSA and ECJU guidance, and commits to establishing a new Economic Security Advisory Service to provide advice, guidance, and facilitate dialogue with businesses.
Government Response
Accepted
HM Government
Accepted
Economic security cooperation on areas outlined in the EPD, including investment screening and export controls, will ensure that the UK and US focus on outcomes reflecting our shared national security interests. We will continue to work together on how best we achieve those outcomes, using our own robust processes. This continues the close collaboration we have with the US, G7 partners and other key allies in response to common threats. Industry engagement is at the heart of the Government’s approach to economic security, so businesses have the certainty they need to grow and invest, and Government regulations do not create unintended obstacles for trade. The National Protective Security Authority’s Secure Innovation Campaign, the industry outreach undertaken in support of the National Security Investment Act, and guidance provided by the Export Control Joint Unit on compliance requirements are all examples of best practice of industry engagement and consultation. The National Cybersecurity Centre provides toolkits and training programmes tailored to businesses of different sizes and sectors. We announced in the Trade Strategy that we will establish a new Economic Security Advisory Service to offer advice, guidance and support to businesses and facilitate dialogue on the totality of economic security issues, allowing Government policy to be informed by the experiences of industry. The service will operate through three distinct routes: online guidance and advice for all businesses; sector-focused roundtables to share insight and inform policy formulation; and a concierge service to help organisations navigate UK Government across multiple departmental interests.