What are the risks and opportunities to the UK economy of developing additional powers to respond to acts of deliberate economic pressure with trade and investment restrictive measures? This should include both impact of introducing powers (chilling and deterrent effects) and their use and include a deeper dive into the impacts of powers to impose restrictions on financial services trade and intellectual property (IP) rights.
Background
Global pressures, including currency movements and economic security policies, have direct and indirect effects on supply chains, global trade flows, and economic and national security in the UK. We seek evidence to strengthen economic security and supply chain resilience, ensuring UK businesses can scale-up and compete globally. The topics in this theme enable government to strengthen our economic and national security, as well as ensuring supply chains are understood and reinforced to be resilient to both long-term change and economic shocks.
Due to a new era of geopolitical competition, the UK faces the possibility of rising geopolitical instability and the increase of volatile supply chains, therefore understanding how to take assertive, protective, and strategic steps will help to support economic growth and resilience. We have included questions that relate to trends for supply chains, global economic challenges to business growth, critical mineral dependencies, and global trade flows.
Delivering economic security and resilient supply chains requires:
- enabling climate change adaption and accelerating the need for secure, homegrown energy
- creating opportunities for firms to capture market share in strategic technologies
- supporting UK sectors to be globally competitive and securing a spot on the global stage
- building a reputation as a stable, reliable partner, while also building UK-based capabilities and supply
- giving businesses the tools, knowledge, and support to traverse uncertain and volatile environments
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