Deputy Prime Minister Oliver Dowden addresses the need for stronger economic defenses in light of security risks heightened by globalisation and recent geopolitical events.
On Thursday, Deputy Prime Minister Oliver Dowden addressed the Chatham House think tank, discussing the United Kingdom’s need to bolster its economic defenses in response to globalisation’s security risks. His speech came at a time of heightened awareness of economic vulnerabilities, exacerbated by recent international events such as Russia’s invasion of Ukraine, which led to a significant surge in energy prices.
In his address, Dowden elaborated on the UK’s current economic strengths and vulnerabilities, pointing out that while the openness of the UK economy is beneficial, it also exposes the country to various economic security risks. He highlighted the influence of global geopolitical competition on the UK economy and emphasized the necessity for the country to be prepared for economic shocks.
The Deputy Prime Minister announced plans to review export controls on emerging technologies and to scrutinize the risks posed by UK businesses investing abroad. This initiative aligns with the government’s broader strategy to refine the regulatory framework concerning critical sectors such as minerals and semiconductors, following the invocation of the National Security and Investment Act which has been used to prevent foreign—particularly Chinese—takeovers in sensitive industries.
Additionally, Dowden announced that university leaders would soon be briefed by the security services, following a government review that exposed vulnerabilities in the higher education sector to foreign influence. This briefing aims to address the intersection of national security risks with academic freedom by enhancing transparency in university funding, protecting researchers in critical fields, and ensuring that national security laws are effectively applied within academic institutions.
These plans and comprehensive reviews underscore the UK government’s commitment to enhancing national economic security and resilience amid ongoing global challenges.
