Henry Smith
Main Page: Henry Smith (Conservative - Crawley)Department Debates - View all Henry Smith's debates with the Cabinet Office
G7 Summit
Henry Smith Excerpts(1 year, 6 months ago)
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The Prime Minister
As I have said, the G7 allies are working in tandem to intensify diplomatic engagement with third-country partners to highlight potential sanction circumvention risks. We also, as I have said, are investing £50 million in a new economic deterrence initiative, which will back up our own sanctions implementation and enforcement.
Henry Smith (Crawley) (Con)
I commend my right hon. Friend the Prime Minister for leading discussions at the G7 in Hiroshima on countering and guarding against the national security threats that are coming from China. In that vein, will he consider blocking companies such as BGI that are harvesting genomic data—as they have done in the United States and in academia in Canada—from activities in this country?
The Prime Minister
Our new National Security and Investment Act 2021 gives us the powers to block hostile investment into sensitive sectors. My hon. Friend will know that we have used those powers to block Chinese investment in Newport Wafer Fab, for example. We obviously look at every transaction on a case-by-case basis, but we now have one of the most robust frameworks anywhere in the world for protecting our companies and our intellectual property from foreign interference and theft.