To ask the Secretary of State for Business and Trade, with reference to section 1.3 2. of the UK-US Atlantic Declaration, what progress his Department has made on engaging with (a) business and (b) financial stakeholders to develop an evidence base to (i) assess and (ii) inform the Government’s response to the risks associated with outbound investment.

The Department for Business and Trade is engaging with businesses and financial stakeholders to better understand the potential national security risk posed by outward direct investment in sensitive sectors. In May, the Cabinet Office issued public guidance on how the existing National Security and Investment Act powers allow the Government to intervene in certain outward direct investment transactions. In addition, the National Protective Security Agency and National Cyber Security Centre are updating their Secure Business campaign to include advice on risks relating to ODI.