National Security and Investment Act 2021: Annual Report

Pat McFadden Excerpts

Tuesday 10th September 2024 Written Statements

[The Chancellor of the Duchy of Lancaster (Pat McFadden)]

I am today laying before Parliament the annual report covering the operation of the National Security and Investment Act 2021 for the period 1 April 2023 to 31 March 2024. This fulfils the requirements under section 61 of the NSI Act and a copy of the report will also be published on www.gov.uk.

The Government are committed to ensuring the Act protects our national security and does so as effectively, efficiently, and transparently as possible—giving investors the certainty they need to kickstart growth across the UK.

The report shows the vast majority of notified acquisitions—95.6%—were cleared to proceed within 30 working days. Of the 847 notifications reviewed, only 4.4% were issued with a call-in notice and underwent further assessment. Five final orders were issued and 10 called in acquisitions were withdrawn before a decision was made. All notifications were screened within the Act’s statutory time limits.

This report shows that notifications, call-ins, final orders, withdrawals, and final notifications covered many different sectors and acquirers’ countries of origin.

I have included new information in this year’s report. For the first time, the report sets out how many calendar days—as well as statutory days—different stages of the process took: for example, the time it took to make a final decision following a notification or a call-in. I hope this will provide further transparency on how the Act is operating.

[HCWS82]