UK to scrap new foreign takeover prevention rules - reports

AI coverage scaled back

The UK government is reportedly set to scale back its powers to scrutinise and block foreign takeovers, less than two years after they were introduced.

In an interview with the FT, deputy prime minister Oliver Dowden said he would be launching a nine-week consultation today (13 November) aimed at "narrowing and refining" the National Security and Investment Act. The powers were introduced in January 2022 to allow the government to address security concerns around foreign takeovers of companies with national significance. The act requires the mandatory notification of proposed acquisitions in 17 different areas of the economy, such as defence, quantum technologies and AI. FCA takes aim at wealth managers over high-risk and high-fee...