Selling advanced tech companies to overseas buyers could have “catastrophic effects” on Britain’s security, a parliamentary report warns.
MEPs fear that the UK’s leading companies that make highly sensitive devices like microchips could be sold to overseas buyers who are taking both the technology and jobs out of the country.
The Foreign Affairs Committee is calling for the government to take a more robust approach to allowing overseas sales, especially after Brexit and the vulnerabilities uncovered by the coronavirus pandemic.
While his report welcomed the new National Security and Investment Act 2021, designed to protect businesses and critical security interests, ineffective implementation would have “catastrophic effects on our global influence and security.”
The UK is considered to be one of the most open countries to FDI, which will boost the economy, but the report warned that takeovers by foreign companies …